Nissan Motor Co. shares rallied on Tuesday after a report that the Japanese automaker will eliminate 11,000 more jobs than previously forecast as part of a plan to restructure its flailing business.

As the auto industry faces ongoing disruption s and shifting global markets, Nissan appears to be deepening its retreat rather than mounting a comeback. Nissan has reportedly announced over 10,000 additional job cuts, raising the total to around 20,000. That figure now represents roughly 15 percent of the company’s global workforce.

Nissan shares surged as much as 5.5 per cent in early trade on Tuesday after reports said the struggling Japanese carmaker plans to cut 10,000 more jobs in a