Rare layoffs come amid a cutthroat automotive price war in China, with SAIC also losing market share in the EV market
China’s SAIC Motor aims to cut thousands of jobs this year at its joint ventures with General Motors and Volkswagen and at an electric-car unit, two people with knowledge of the matter told Reuters.
The staff reductions won’t happen all at once in mass layoffs but are targeted for 2024, the sources said. A large portion will come through implementing stricter performance standards and offering payouts to lower-rated employees who resign, they said. A GM spokesperson in China said it would be “inaccurate” to say SAIC-GM is “reducing its work force by 30%” but declined to elaborate. A VW China Group spokesperson said it did not plan “layoffs” and that it was “incorrect” to say SAIC-VW plans to cut 10% of its work force.
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Exclusive-China's SAIC aims to slash jobs at GM, VW ventures and EV unit, sources sayChina's SAIC Motor aims to cut thousands of jobs this year at its joint ventures with General Motors and Volkswagen and at an electric-car unit, two people...
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