Nissan to cut 20,000 jobs globally

Nissan decided on the larger job cut, amounting to around 15 pct of its total workforce, as its business environment worsened further. It hopes that the restructuring measure will help the company regain profitability earlier.

Nissan is set to announce on Tuesday its consolidated business results for the year that ended in March. Its net loss is expected to reach a record 750 billion yen, reflecting a global slump in sales.

The automaker announced Friday that it will abandon its plan to build a battery plant for electric vehicles in the southwestern city of Kitakyushu, saying that it is unlikely to be profitable.

Nissan ran into difficulties as new vehicle model launches were delayed, leading to sluggish sales in the United States and China. It entered merger negotiations with Honda Motor Co. last December to improve the situation, but the talks fell through less than two months later.

Nissan President and CEO Makoto Uchida stepped down to take responsibility for the collapse in the talks. He was succeeded by Ivan Espinosa in April.

Despite turnaround efforts by its new management team, Nissan's outlook remains uncertain due to the gloomier business environment following the U.S. government's introduction of high automotive tariffs.