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.

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. More: Nissan’s China Crisis Deepens As Wuhan Plant Faces Shutdown The news,

The heavily indebted company, one of the top 10 automakers by unit sales, is expected to log a record annual loss of around $5 billion later in the day.