Japanese carmaker Nissan is to slash its workforce by roughly 12,500.
It will reduce its global production capacoity by 10% by the end of fiscal year 2022.
Nissan says total industry volume remained weak during the first quarter, and Nissan’s sales decreased.
It comes as the company’s first quarter operating profit fell by 98%.
“Profitability was negatively impacted by the decrease in revenues and external factors such as raw material costs, exchange rate fluctuations and investments to meet regulatory standards,” it says.