Nissan is slashing about 15% of its global workforce, or about 20,000 employees, as the Japanese automaker reported a loss Tuesday for the fiscal year that just ended amid slipping vehicle sales in China and other nations,

Nissan’s crisis is in danger of getting even worse after the company warned shareholders in April that it will see a net loss on restructuring costs of as much as ¥750 billion ($5 billion).

Japan's Nissan posted an annual net loss of $4.5 billion on Tuesday while saying it plans to cut 15 percent of its global workforce and warning about the possible impact