- Nissan will axe 12,500 jobs worldwide by 2022 in a larger than expected cull after revealing that profits were almost wiped out in the most recent quarter.
- The redundancies come as the Japanese car company, which employs 139,000 people worldwide, suffers from sluggish sales and ballooning costs while it deals with the fallout from the scandal surrounding ousted chairman Carlos Ghosn.
- Profits at Japan’s second-biggest car maker plunged 98.5pc to 1.6bn yen (£11.9m), far worse than the 66pc decline predicted by analysts, as it continues to struggle in North America.