Nissan to axe 12,500 jobs worldwide as profits tumble
Nissan is slashing 12,500 jobs, or about 9% of its global workforce, in an effort to cut costs and achieve a turnaround amid tumbling profits.
The Japanese car company reported the job cuts alongside its first quarter earnings statement.
The company is struggling to restore its brand image and revive growth following the arrest of former chairman [Carlos Ghosn in November for alleged financial misconduct](http://Ex-Nissan chief Ghosn arrested again in financial misconduct case).
He said he is innocent and is currently awaiting trial in Japan.
Nissan reported its global vehicle sales fell 6% in April-June, compared to the same period the year before.
The carmaker also said it will cut global production capacity by 10% and reduce model line-ups by at least 10%.
In a news conference, Nissan chief executive Hiroto Saikawa said most of the jobs cut will be car plant workers.
He said the firm has already started cutting production at eight unspecified sites worldwide, and expects to have culled more than 6,400 jobs by the end of March 2020.
Mr Saikawa added that 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 sales are expected to begin to recover thanks to those measures.