Nissan wants to cut 12,500 jobs worldwide by 2022, more than double the number announced in May. With the intervention, the Japanese automaker responds to strongly deteriorated results in the past quarter, which would necessitate cost savings.

The manufacturer also announced its production and supply in shrink. Approximately one tenth of all Nissan models will be canceled. The worldwide production capacity is also reduced by 10 percent

The group has been struggling for some time with disappointing profit margins, mainly on the American market. That is why there have been reports about the megabane reduction earlier this week. Under the disgraced Nissan boss Carlos Ghosn, the company mainly competed on price to quickly gain market share. That was at the expense of profit.

Nissan’s operating profit fell by nearly 9.9 percent to 1.6 billion yen in the first quarter of its broken fiscal year, equivalent to around 13.3 million euros. For the entire year, Nissan expects a 28 percent drop in profits to the lowest level in more than ten years.

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