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.

Japanese auto giants Honda and Nissan confirmed they've scrapped merger talks announced in December​, ending a potential combination that would have created the world's third-largest automaker.

Nissan and Honda ended merger talks to forge a $60 billion car company on Thursday, pitching Nissan deeper into uncertainty and highlighting the pressure on legacy automakers from Chinese rivals upending the industry.