Get Autoblog in your Google feed
The Japanese automaker has announced a major shake-up
including the closing
of four plants and the elimination of 11,000 jobs, while investors pump in
$4 billion, in US dollars, to revive the struggling company. According to
the Associated Press the $219 billion yen (or $1.9 billion US) loss came in
the latest fiscal year. It hasn’t been announced where the job cuts will
take place regionally, but the story does acknowledge a major shift in
investing as Daimler Chrysler lowers its stake in Mitsubishi.