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.

Merger talks between Honda and Nissan have collapsed after the firms failed to agree on a multi-billion-dollar tie-up. The Japanese carmakers, along with junior partner Mitsubishi, had aimed to combine their businesses to fight back against competition from rival firms, especially in China.

The $60 billion mega-merger between Honda and Nissan has been called off, in part because of Nissan's "pride and insufficient alarm about its