Nissan shares surged as much as 5.5% in early trade Tuesday after it was learned that the struggling Japanese carmaker plans to cut 10,000 more jobs in a bid to revive its business.
The heavily indebted company, one of the top 10 automakers by unit sales, is expected to log a record annual loss of around $5 billion later in the day. Nissan, whose mooted merger with Honda collapsed earlier this year, could also announce the job cuts.
The firm is now aiming to reduce its total workforce by approximately 15%, having announced in November that it would slash 9,000 positions.
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