Nissan to Cut 12,500 Jobs Worldwide

Japanese automaker Nissan has announced it will cut 12,500 jobs globally over the next three years.

Japan’s second-largest automaker on Thursday said profits were almost completely wiped out in the first quarter of the fiscal year. Operating profit declined 99% in the first quarter compared to a year earlier.

The revenue of the company dropped nearly 13% compared to a year ago.

The company 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.

It comes as the firm tries to underpin its finances amid weakening sales.