Nissan cuts 12,500 jobs globally as car manufacturer struggles to boost profits

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CAR manufacturer Nissan has revealed plans to axe more than 12,500 jobs around the world

The figure is much higher than the 10,000 jobs cuts that had been expected.

Nissan has announced plans to cut 12,500 jobs globallyCredit: Getty – Contributor

We’re awaiting confirmation on where these job cuts will be but it was previously thought most could come in Europe.

The cuts will see Nissan’s total workforce fall by around 9 per cent, and the firm has also announced plans to cut its global products by 10 per cent by the end of the 2022/23 financial year.

It’s a fresh blow for staff at Nissan’s Sunderland plant, which currently employs around 7,000 people and produces 2,000 cars a day.

Last April, Nissan cut hundreds of jobs at the plant due to a lack of demand for diesel cars.

It also cancelled the production of two of its models at the Sunderland factory this year following disappointing European sales.

The move comes as the car maker is struggling to boost its profits.

Nissan is suffering from falling sales in the US, one of its biggest overseas markets, following years of heavy discounts.

In its financial results published today, global sales between April and June were down 6 per cent compared to the same period last year, to 1.23million units.

With sales down in Asia and Oceania, Europe, Latin America, the Middle East and Africa.

Nissan has also been facing tensions with its French partner Renault, which owns 43 per cent of the Japanese manufacturer, after a scandal surrounding Nissan’s former boss Carlos Ghosn.

Mr Ghosn allegedly swindled Nissan out of more than £34million by under-reporting his income but he denies any wrongdoing.

But Nissan is not the first car manufacturer to announce cuts of late.