Nissan to cut 20,000 jobs worldwide

Japan's third largest auto company, Nissan announced today that it will be cutting 20,000 jons throughout the world. These 20,000 job cuts are 8.5% of Nissan's 235,000 workforce and are planned to be completed by March 2010,however there are currently no plans for factory closures. Nissan only globally sold 731,000 vehicles last quarter, which is down almost 19% on last year.