Nissan Motor Co. vowed to close seven factories and slash 20,000 jobs after posting its biggest annual loss since French carmaker Renault SA rescued it from near bankruptcy a quarter century ago.The Japanese automaker decided against issuing an operating profit forecast for the fiscal year ending March 2026,

The new layoffs will bring Nissan's total workforce cuts to about 20,000 jobs. Last year, the automaker announced plans to cut 9,000 workers and previously announced nixing plans to build a plant in Japan.

Nissan plans to close two factories in Japan and several abroad, including in Mexico, reports CNBC. This move is part of a cost-cutting strategy the company has announced. The Japanese automotive giant also intends to cut 20,