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.

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.

The landmark EV merger, which would create the world’s third-largest automaker, may not happen after all. Honda and Nissan’s