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Nissan to axe 12,500 jobs after first quarter profit drops 98.5%

Video Credit: Wochit News - Duration: 00:32s - Published
Nissan to axe 12,500 jobs after first quarter profit drops 98.5%

Nissan to axe 12,500 jobs after first quarter profit drops 98.5%

On Thursday, Nissan Motor Co said it would slash 12,500 jobs globally by 2022.

Business Insider said Nissan will cut output to rein in costs.

The company is suffering from sluggish sales and rising costs.

It's trying to recover from a scandal surrounding ousted Chairman Carlos Ghosn.

Japan's No.

2 automaker also posted a 98.5% plunge in first-quarter operating profit to $14.80 million.

Nissan had flagged a steep drop in profit on Wednesday.

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