July 26, 2019—Nissan said at mid-week that it will cut jobs worldwide, following its profits being almost completely wiped out in the first quarter of its fiscal year, according to a report by CNN.
Nissan said it will slash roughly 12,500 jobs. That's more than twice as many as the company was reportedly expecting to cut in May. The company will also reduce its product lineup by at least 10 percent by the end of fiscal year 2022.
Nissan has been losing market share in the United States and Europe. In the first quarter the company sold 351,000 units in the U.S.
