Nissan to axe 12,500 jobs in bid to cut costs

Nissan is slashing 12,500 jobs, or about 9% of its global workforce, in an effort to cut costs and achieve a turnaround amid tumbling profits.

The Japanese car company reported the job cuts alongside its first quarter earnings statement.

The company 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.

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