Nissan Motor Company (Nissan) has announced a sweeping restructuring plan in response to significant financial challenges. On Tuesday, the automaker revealed its intention to shutter seven global factories and lay off approximately 20,

The automaker’s latest cost-savings plan also calls for seven plant closures in an effort to generate $3.4 billion in savings.

Nissan Motor plans significant global job cuts, reducing its workforce by 15%, as it faces major financial losses. The Japanese carmaker anticipates a record net loss due to impairment charges for the financial year ending in March.