Nissan joins sales slump, to cut 20,000 jobs

New Delhi: Japan's third largest automaker, Nissan is set to cut 20,000 jobs worldwide as it stares at a major loss in nine years.

Nissan joins the growing list of auto companies slashing jobs to fight sales slump. The company says it would axe 8.5 per cent of its workforce.

The expected loss is also the first time in a decade since celebrated CEO Carlos Ghosn took over Nissan.

Nissan Motor Corporation CEO, Carlos Ghosn says, "Global automotive industries are in turmoil. Nissan is not an exception. The revenue falls quickly and significantly and it creates a situation that is unsustainable and potentially very dangerous."

Last week, another Japanese auto major, Toyota Motor Corp tripled its annual operating loss.

The Honda Motor Company also cut its forecast last month, although it expects to stay in the black.