https://www.reuters.com/article/us-nissan-results/nissan-to-cut-12500-jobs-as-crisis-deepens-after-profit-wipe-out-idUSKCN1UK0Q7
2 replies (most recent on top)
I would never advise anyone to go into the Automotive industry as a career. It is too cyclical. I can't think of one company, and I have worked for 3, that cares one iota for the welfare of their employees. There is no effort at all to keep people employed through bad times. I started in this industry in 1998 and have seen layoffs in 2001, 2004, 2007, 2009, 2010, 2019. What other industry has such a horrible record for retaining emplyees. And with the removal of any pension program, the ridiculous employee purchase program and general reduction of benefits, all while the top executives continue to get rich on the backs of all these cuts, I can't imagine a worse industry to work for. I am of an age that it is too difficult now to change careers or retire. It's to late for me, but anyone that can, should run, run as fast as you can away from this industry, cause as soon as your are seen as to old, to well paid, not a kiss a**, you WILL be let go!
Most mutual funds won't touch an automotive stock for this reason. A declining industry that is in need of some serious consolidation. The only auto stock I would consider buying is Chrysler/Fiat