Nissan confirms 12,500 job cuts

Nissan has confirmed it will cut 12,500 jobs worldwide, after reporting a 94.5% fall in net profits in the first quarter of 2019.

Further, it has announced it will reduce its production capacity and the number of models it produces by 10% by the end of 2022.

It's unclear what this means for Nissan's Sunderland plant, which recently celebrated its 10 millionth car produced at the plant

Nissan has been struggling in the US, a key market, where it has been heavily discounting to keep up with sales by rivals.

It also reported first-quarter sales falls in Europe, Asia and Oceania, Latin America, the Middle East and Africa.