Since the dramatic downfall of “Cost Killer” chief executive Carlos Ghosn in 2018, Japan’s Nissan Motor Co. has labored with weak sales and an outdated model lineup.

Nissan plans to cut thousands of jobs and slash production in a turnaround plan that becomes more important after calling off its Honda tie-up.

Japan’s Nissan and Honda have ended discussions on a deal that would have created the world’s third-largest carmaker.