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China’s SAIC Motor plans to cut thousands of jobs at its joint ventures with General Motors and Volkswagen and at its electric vehicle unit.
The layoffs reflect the challenges in China’s auto market. SAIC General Motors plans to lay off 30% of its employees, SAIC Volkswagen plans to lay off 10% of its employees, and Rising Motors plans to lay off more than half of its employees. The layoff target is expected to be gradually implemented by 2024, mainly based on performance standards, and some employees will be provided with resignation bonuses.
SAIC denied reports of layoffs, calling them “speculation” and emphasized hiring new employees.
(Source: Reuters Image source: freepik)
