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 tie-up that would have created the world's third-largest automaker.

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.