Nissan to cut 12,500 jobs worldwide

Japanese car giant Nissan has announced 12,500 job cuts as it attempts to shore up its finances after recent troubles.

It will reduce its production capacity and the number of models it produces by 10% by the end of 2022, but it did not say where the cuts will fall.

The firm also announced a 94.5% fall in net income for the first quarter of 2019.

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This is one of the one of the carmaker’s worst quarterly performances in a decade.

Nissan continues to struggle in the US, a key market, where it has been heavily discounting to keep up with sales by rivals.

The carmaker is reining in its operations after years of expansion under former chairman Carlos Ghosn, who was ousted last year after being accused of financial crimes.

In a news conference, Nissan boss Hiroto Saikawa said the job cuts would account for a “big portion” of the savings it was trying to make.

He did not specify which models would be targeted for production cuts, but said they would be likely to affect “compact cars and its Datsun range”.

Mr Saikawa said 6,400 job cuts had already been made in the 2018 and 2019 financial years at eight locations.

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