Nissan is cutting 12,500 jobs as it slashes global production capacity in response to a collapse in profits and a slump in vehicle sales.
Hong Kong Nissan warned last quarter that it was at"rock bottom." Now it's even more clear that its problems aren't going away anytime soon.
Japan's second biggest automaker on Thursday said profits were almost completely wiped out in the first quarter of its fiscal year. Operating profit plunged 99% in the quarter compared to a year earlier. Revenue, meanwhile, dropped nearly 13% compared to a year ago.Nissan said it will slash roughly 12,500 jobs from its workforce worldwide. That's more than twice as many as the company was reportedly expecting to cut in May.
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