Nissan, suffering heavy losses, embarks on a drastic cost-cutting program and may require government support within a year to stay afloat.
Nissan , the car manufacturing giant, could be on the brink of collapse with only 12 months to survive, according to recent warnings. Heavy losses have led to a massive cost-cutting program, including the axe of 9,000 jobs and 20% of global manufacturing capacity. The company seeks to reduce costs by $2.6 billion amid a sales slump in China and the US, its two biggest markets.
The strategic alliance with Mitsubishi and Renault from 1999 might be ending, potentially leading Nissan to seek financial support from the Japanese or US governments
Nissan Cost-Cutting Manufacturing Financial Crisis Automotive Industry
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