Japan's second-largest car manufacturer Thursday said the profits were almost obliterated in the first quarter of the fiscal year. Operating profit fell 99% in the quarter compared to the previous year.
Meanwhile, revenues sank almost 13% compared to a year ago.
Nissan ( NSANF ) said it will cut about 12,500 jobs from its workforce worldwide. It is more than twice as many as the company expected to cut in May.
The company added that it would reduce the product range by at least 10% by the end of the 2022 fiscal year. global car manufacturers face serious challenges. A slow global economy has damaged sales, and the US and China trade war remains a major risk to manufacturers. New emission standards, partly driven by the climate crisis, have also disturbed the industry.
But Nissan has also struggled with his own problems. It has lost market share in the US and Europe, and it is still trying to move on from the dramatic arrest last year of former chairman Carlos Ghosn, whose legal problems in Tokyo are far from over.
Although he has denied the charges against him, Ghosn's accused has put a tremendous burden on the alliance he created between Nissan, Renault ( RNLSY ) and Mitsubishi Motors. All three companies have renewed their commitment to the partnership, but tensions have not disappeared.
This story will be updated.