Nissan posts $4.5 billion annual net loss, to cut 20,000 jobs

Japan's Nissan posted an annual net loss of $4.5 billion on Tuesday while saying it plans to cut 15 percent of its global workforce and warning about the possible impact of US tariffs.

Ivan Espinosa, CEO, Nissan Motor said "But I am confident that we have what we need to rebuild our company. We will need the understanding and support from our valued partners and stakeholders as well as collaboration from future partners. With a shared mission, Nissan people have the skills and ability to return Nissan to its rightful position."

Nissan's shares closed three percent higher Tuesday after reports, later confirmed by the company, that it planned to slash a total of 20,000 jobs worldwide.