Nissan (NSANY) is planning to cut 12,500 jobs globally, the company confirmed Thursday, as its profits get squeezed amid falling sales and rising costs.
Nissan said the job cuts will be made globally by 2022. It also plans to reduce global production capacity and its product line by about 10% by the end of fiscal 2022.
The company reported that first-quarter operating profit fell 98.5% to $14.8 million as the second-largest Japanese auto company struggles in the U.S. Revenue fell nearly 13% vs. the year-ago quarter.
There is a planned 10% reduction in its product lineup by the end of fiscal year 2022 as well.
The automaker had 138,000 global employees as of March 2018. Nissan shares are set to open trading at $13.91 per share.