Nissan announces 12,500 job cuts

Japanese automaker Nissan said Thursday it will cut 12,500 jobs as it struggles with weak sales in the United States and Europe and the fallout from the arrest of its former chief.

"Nissan will reduce its global production capacity by 10 percent by the end of fiscal year 2022. In line with production optimisations, the company will reduce headcount by roughly 12,500," the firm said as it announced its first-quarter earnings.

Follow Emirates 24|7 on Google News.