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| Nissan to cut 12,500 jobs worldwide | Nissan to cut 12,500 jobs worldwide |
| (32 minutes later) | |
| Japanese car giant Nissan has announced 12,500 job cuts as it attempts to shore up its finances after recent troubles. | 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. | The firm also announced a 94.5% fall in net income for the first quarter of 2019. |
| This is one of the one of the carmaker's worst quarterly performances in a decade. | 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. | |
| He declined to identify the six locations at which the firm plans to make another 6,100 cuts between the 2020 and 2022 financial years. | |
| It will reduce its product line-up by 10% by the end of 2022. |