A pedestrian walks past a Nissan car gallery Thursday, July 25, 2019, in Tokyo. Nissan says it will slash 12,500 jobs, about 9% of its global workforce, to cut costs, achieve turnaround toward growth. (AP Photo/Eugene Hoshiko)

Nissan to slash 12,500 jobs to cut costs, achieve turnaround

July 25, 2019 - 12:32 am

TOKYO (AP) — Nissan says it is slashing 12,500 jobs or about 9% of its global workforce in an effort to cut costs and achieve a turnaround, as its profits tumble.

Nissan Motor Co. reported the job cuts Thursday with its fiscal first quarter earnings statement.

Company officials did not immediately give details on a regional breakdown or how the job cuts will be achieved.

The Japanese automaker is struggling to restore its brand image and revive growth following the arrest of former Chairman Carlos Ghosn in November for alleged financial misconduct. He says he is innocent. He is awaiting trial in Japan.

Yokohama-based Nissan reported its global vehicle sales fell 6% in April-June, compared to the same period the year before.