July 25, 2019 / 7:13 AM / 24 days ago

Nissan to axe 12,500 jobs after Q1 profit drops 98.5%

YOKOHAMA, July 25 (Reuters) - Nissan Motor Co said on Thursday it would slash 12,500 jobs globally by 2022 and cut output to rein in costs as it suffers from sluggish sales and rising costs and tries 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 1.6 billion yen ($14.80 million) as it continues to struggle in North America, a key market where it has been stung by mounting costs for vehicle discounts to keep up with stronger sales at its rivals.

Nissan had flagged a steep drop in profit on Wednesday. ($1 = 108.0800 yen) (Reporting by Naomi Tajitsu; Editing by Muralikumar Anantharaman)

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