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Nissan India has announced that they will be laying-off over 1,700 employees. This is part of their global downsizing excercise which will be carried over for the next three years, until FY2022.
As part of their global downsizing, Nissan will be letting-go of over 12,500 employess from different countries. Out of the total, however, over 6,400 of them have already been asked to leave.
The main reason for the global lay-offs in Nissan India is due to their decade-low profits being experienced currently. Other reasons also include consistent changes in the top management, which has hindered their productivity and market shares.
According to reports from ET Auto, Nissan India had announced a Employee Voluntary Separation Scheme back in September 2018. The process of laying-off employees to cut down costs had apparently begun almost six months back through the programme, although not many employees had warmed up to it.
Apart from India, Nissan Global has decided to give out pink slips to employees from around the world as well. This includes 1,420 employees from the US, over 1000 in Mexico and around 800 employees each from Indonesia and Japan as well.
Talking about Nissan Motors India, the company failed to make a significant impact in the country among its competitors. It started off well in India, however, over time the company has been on the backfoot with none of their products receiving any success in the Indian market.
Nissan also tried to salvage the market with the introduction of the Datsun brand, which also failed to receive any form of success. The Nissan brand, however, continued to its efforts with the launch of Kicks SUV; which again met the same fate.
The company has witnessed a declining sales over the past couple of months; with its market share in the country also having decreased to just 0.75 per cent — here is the Indian car market shares list as of June 2019.
Having said this, Nissan Motors India is surviving on its export business. The export market for Nissan in India plays an important aspect in the country. The company continues to believe they will turn things around and have announced one new product every year.
Thoughts On The Nissan India Lay-Offs
Nissan first entered the Indian market almost ten years ago. However, after receiving initial success, the company has been on the back foot for most of its tenure in the country. However, the company believes it still can turn things around and will try harder to improve in the country. Facing a major loss in revenue, it will be interesting to see what steps Nissan takes in India and if they can get back on track in the market.