Nissan to cut 12,500 jobs around the world

Nissan is to cut 12,500 jobs worldwide by 2022 as it slashes production by 10%.

The Japanese car maker made the announcement as it reported a 98.5% fall in profits for the three months to June.

The announcement of a job cull representing about 9% of the global workforce increases the scale of cuts announced in May, when it said 4,800 jobs would go.

Nissan chief executive Hiroto Saikawa said most of the jobs cut will be car plant workers.

A company presentation posted on Nissan’s website said more than 6,400 jobs would be eliminated in eight unspecified locations by the end of this fiscal year. Another 6,100 will come by fiscal 2022, it said.

The car giant is trying to rein in costs as it suffers from sluggish sales around the world.

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