Nissan to slash 12,500 jobs to chop prices, obtain turnaround

Nissan says it’s slashing 12,500 jobs or about 9% of its world workforce in an effort to chop prices and obtain a turnaround, as its earnings tumble.

Nissan Motor Co. reported the job cuts Thursday with its fiscal first quarter earnings assertion.

Firm officers didn’t instantly give particulars on a regional breakdown or how the job cuts will likely be achieved.

The Japanese automaker is struggling to revive its model picture and revive development following the arrest of former Chairman Carlos Ghosn in November for alleged monetary misconduct. He says he’s harmless. He’s awaiting trial in Japan.

Yokohama-based Nissan reported its world car gross sales fell 6% in April-June, in comparison with the identical interval the 12 months earlier than.