Nissan hasn't posted an annual loss in nine years, but the automaker is poised to take a big hit on its 2008 earnings, and like the rest of the industry, it is scrambling to restructure. The Japanese carmaker is expected to report a $2.9 billion shortfall, prompting Carlos Ghosn and his team to chop 20,000 jobs – fully 8.5 percent of its employees worldwide. Some of the job losses will be arrived at through early retirement packages and the ending of temporary worker contracts, but most wi
Over the years, when automakers had trouble selling enough vehicles to keep assembly lines cranking, they sold the leftovers to rental car companies. Unfortunately, when the world is embroiled in a nasty economic recession, people don't travel. And when nobody's traveling, the rental car industry takes a dive into the crapper. Hertz, the second largest rental car company in the States, is feeling the pinch along with 12% of its workers. Hertz will cut 4,000 employees in the first quarter, saving
The entire auto industry is hurting right now, and financial news from Nissan today is the latest evidence to support that overused statement. Nissan announced that it's shifting profit forecast for the fiscal year ending March 31, 2009 down by 65.9% (!) to $2.62 billion. To keep inventory in line with reduced demand, Nissan is also cutting its annual production forecast by 200,000 units and will shed 3,500 jobs. The U.S. job losses will come from a previously announced voluntary buyout program
For white collar workers that still work at the Ford Motor Company: congratulations, you've officially made the cut. Ford's President of the Americas, Mark Fields, announced at a media event that the Blue Oval has successfully achieved its targeted cuts, at least for now. Fields told reporters that Ford would "continue to look at our structure and evaluate that versus the external environment," which is fancy executive talk for "if we don't start making some money, we'll cut some more." Fields d
Chrysler is losing money by the truck-load, and its vehicles aren't selling, so common sense dictates that team Pentastar was going to start making cuts soon. That time is now, when Chrysler notified workers that it would be cutting 1,000 white collar workers. Chrysler spokesman David Elshoff told employees that the company would achieve its cut target through retirements, attrition, and buyouts, which means people won't be handed boxes and receive security escorts just yet. Chrysler management
Chrysler's deadline to hammer out a new contract with the UAW expires tomorrow. If common ground cannot be found by tomorrow morning at 11AM EST, the UAW could strike again. As if that weren't heavy enough news for the newly rebranded Chrysler LLC, it's being reported today that more job cuts are on the way for some 1,600 non-union workers. Though Chrysler's turnaround plan called for shedding 13,000 jobs by 2009, of which 2,000 were non-union, salaried white collar positions, the automaker is r
The cutting and slashing continues over at FoMoCo's finance arm, Ford Motor Credit. On Tuesday they announced the closing of 59 offices within the U.S. and the elimination of 2,000 jobs from its 8,500 strong workforce in the United States and Canada. Additionally, the number of regional offices within North American will be reduced to six.
Michael Stawasz was one of 4,000 salaried workers at Ford who lost his job last January when the company launched its Way Forward restructuring plan. Stawasz was nine months short of his 30th anniversary with Ford, which meant he narrowly missed being able to retire with full benefits. About two dozen other ex-Ford employees are suing the company to get the benefits they feel they've earned, so imagine Stawasz's surprise when he received the above certificate in the mail along with a letter from