YOKOHAMA: Japanese car maker Nissan Motor Co said it is axing 12,500 jobs and warned a quick turnaround in its performance was not imminent after ...
YOKOHAMA: Japanese car maker Nissan Motor Co said it is axing 12,500 jobs and warned a quick turnaround in its performance was not imminent after reporting its quarterly profit was nearly wiped out.
Its first-quarter operating profit plunged 98.5per cent to 1.6 billion yen as it continues to struggle in North America, a key market where it has been stung by mounting costs of vehicle discounts to keep up with rivals. The automaker is widening job cuts initially announced in May as it struggles to improve weak profit margins in the United States, where Ghosn for years had pushed to aggressively grow market share during his time as CEO.
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