When companies like Toyota and Nissan announce cutbacks and losses, it is obvious the automotive industry is in trouble.

In early February, 2009, Nissan released plans to cut nearly 10% of its jobs as a result of the worldwide economic slump. The automotive industry is suffering in particular due to a lack of liquidity and credit, increasing fuel prices, and ongoing environmental concerns.

Nissan said it would see that jobs were cut based on natural attrition, meaning that any resignations from now on would count towards those jobs cuts.

The third-largest automobile manufacturer in Japan, Nissan reported losses in excess of €700m between October and December of 2008.