NISSAN is cutting about 15 per cent of its global workforce — roughly 20,000 jobs — as part of a major restructuring plan to address falling vehicle sales and rising costs. 

The announcement came as the Japanese carmaker reported a steep annual loss of 670.9 billion yen (£3.42bn) for the financial year ending in March, with a quarterly loss of 676bn yen (£4.45bn).

As part of its recovery strategy, Nissan will reduce the number of its global factories from 17 to 10 and scrap plans for a battery plant in Japan.