Nissan Motor Co. CEO Hiroto Saikawa will slash some 12,500 jobs worldwide as part of new plan to revive the company after reporting a 99 percent plunge in operating profit in the latest quarter on falling sales in every major market except China. Saikawa’s emergency overhaul comes as he tries to speed up a recovery plan running through the fiscal year ending March 31, 2023. He said earnings would gradually start to recover in the second half of this fiscal year, after a brutal first quarter he said was worse than expected.
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