Nissan Slashing 20,000 Jobs

First Japanese automaker to move production from Japan and soaring yen
By Ambreen Ali,  Newser User
Posted Feb 9, 2009 3:31 AM CST
Japanese car makers have enjoyed growth in the US market as Detroit declined, but now they're suffering, too.   (AP Photo/David Zalubowski, file)
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(Newser) – Nissan will cut 20,000 jobs worldwide by next year and move production from Japan and its soaring yen, reports the Wall Street Journal. Reeling from a massive $900 million loss last quarter, Nissan also announced it will slash management, seek public assistance and suspend its 5% annual growth goal until 2012.
(Read more financial crisis stories.)