CompaniesNissan Motor Co LtdHonda Motor Co Ltd YOKOHAMA, Japan, May 13 (Reuters) - Nissan Motor (7201.T), opens new tab unveiled sweeping new cost cuts on Tuesday, saying it would eliminate 11,000 more jobs and scale back production, capping a tumultuous year that has left the Japanese automaker fighting to turn itself around. Nissan, which held off on releasing estimates for the financial year just starting, saw its profit almost wiped out in the year that just ended. Operating profit totalled 69.8 billion yen ($472 million) in the 12 months to March, a decline of 88% from the previous year. Advertisement · Scroll to continue Nissan has been badly damaged by weakening sales in the U.S. and China, and then saw merger talks with Honda (7267.T), opens new tab collapse and was recently forced to replace its chief executive. New CEO Ivan Espinosa now faces the difficult job of turning around an automaker that has seen its once-mighty brand value eroded. The company would look to focus on profitability and rely less on volume, he told a press conference. Analysts have said Nissan is also now paying the price for years under former Chairman Carlos Ghosn where the company focused too heavily on sales volume, and used heavy discounts to keep sales moving. Advertisement · Scroll to continue The new job cuts will bring Nissan's total workforce reduction to around 20,000 jobs, after it previously announced plans to cut 9,000 positions. It is also aiming for total cost savings of 500 billion yen versus the 2024 financial year. This will see it cut the number of its production plants to 10 from 17 and reduce the complexity of parts by 70%. ($1 = 147.8400 yen) Ad Break Coming Up NEXT StayNext OffEnglish 180p288p360p480p540p576p720pHD1080pHDAuto (180p) About ConnatixV582544 About ConnatixV582544 Continue watchingafter the adVisit Advertiser websiteGO TO PAGE Reporting by Daniel Leussink; Editing by Christian Schmollinger and David Dolan Purchase Licensing Rights Daniel LeussinkThomson ReutersDaniel Leussink is a correspondent in Japan. Most recently, he has been covering Japan’s automotive industry, chronicling how some of the world's biggest automakers navigate a transition to electric vehicles and unprecedented supply chain disruptions. Since joining Reuters in 2018, Leussink has also covered Japan’s economy, the Tokyo 2020 Olympics, COVID-19 and the Bank of Japan’s ultra-easy monetary policy experiment.