Several sites are reporting that Nissan will cut 20,000 jobs. Nissan cites declining consumer confidence and a lack of available consumer credit as the primary factors in their struggles.

 

Nissan projects a loss of about $2.9 billion for their fiscal year ending on March 31st. This is the first annual net loss for Nissan since CEO Carlos Ghosn was put in charge 10 years ago. Nissan is not alone, of course. Toyota posted their first net loss ever this year and the Big 3 are still barely avoiding bankruptcy despite major government contributions.

 

International Herald Tribune Article