On Monday Nissan has recorded its first loss in almost a decade. This economical crunch has forced Nissan, the third biggest automotive in Japan, to slice down 20,000 employees.

The expected net loss of Nissan Motor Co. is 265 billion Yen i.e. $2.9 billion for the fiscal year across March. Nissan is facing a yearly loss for the first time in the past 9 years. Carlos Ghosn, Chief Executive Nissan said, “The global auto industry is in turmoil, and Nissan is no exceptional.”

In an effort to subside the loss impact, Nissan is expelling a large number of employees. By March 2010, Nissan will reduce the number of employees from 235,000 to 215,000. The board directors too will not enjoy their bonus for the year, ending in March.

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Rumors are spreading about the unleashing of Nissan’s 370Z Convertible at the 2009 New York Auto Show in April.

Nissan has not yet confirmed or denied the news of unleashing the convertible.

There are not many details provided about the specifications till the show begins.

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Nissan seems quite determined despite hovering economic worries and it was quite evident from the company’s three new vehicles’ launch in LA Auto Show Wednesday.

AT the same time, other US automakers (GM, Chrysler) seemed to scale back their presence in the show.

In this show, Nissan debuts its 370Z that is the first redesign of the roadster after its reintroduction as a 2003 model.

According to Al Castignetti (vice president and general manager of Nissan North America’s Nissan division), the 2009 370Z is quite lighter than its predecessor and its 3.7-liter V-6 engine is capable to produce 332 horsepower.

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The Detroit News reports that Nissan is considering acquiring 20% percent of Chrysler and this move would bring the company into the ranks of the present Renault-Nissan alliance.

According to sources close to the negotiations, the offer is placed before Cerberus Capital Management that is a private equity firm and hold 80 percent share of Chrysler currently. The company also has another offer from General Motors.

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