Mitsubishi Motors Corp. will offer voluntary retirements to about 550 employees in Japan from mid-November, it has been learned.
Employees in management positions who are 45 or older and work at the Tokyo head office, the Okazaki Plant in Okazaki, Aichi Prefecture, and the Mizushima Plant in Kurashiki, Okayama Prefecture, are the intended candidates for voluntary retirements. The automaker is accelerating its corporate downsizing efforts after a move to offer voluntary retirements in Thailand.
Mitsubishi is expected to post a consolidated net loss of 360 billion yen for the year ending in March 2021, as its business is deteriorating partly due to the ongoing coronavirus crisis.
In addition to voluntary retirements, the company plans to cut 100 billion yen in fixed costs over the next two years by curbing the number of new hires and other measures. Mitsubishi previously announced the closure of its plant in Gifu Prefecture, which produced the former signature model Pajero, after deciding to end its production.
Read more from The Japan News at https://japannews.yomiuri.co.jp/
