Nissan cutting 20,000 jobs (more than 8% of its workforce):
“In every planning scenario we built, our worst assumptions on the state of the global economy have been met or exceeded, with the continuing grip on credit and declining consumer confidence being the most damaging factors,” President and Chief Executive Carlos Ghosn said in a statement.
Must be that pesky UAW again. Oh, wait.
The Booman has a detailed analysis.