China's SAIC Motor plans to cut thousands of jobs at GM, VW, and electric car unit, Rising Auto, through performance standards and payouts.
China's SAIC Motor plans to cut thousands of jobs this year at its joint ventures with General Motors and Volkswagen and its electric-car unit, Rising Auto, with a 30% reduction at SAIC-GM, 10% at SAIC Volkswagen, and more than 50% at Rising Auto. The staff reductions will not occur through mass layoffs but through stricter performance standards and payouts to lower-rated employees who resign. The job cuts reflect the struggles faced by state-owned automakers and their foreign partners in China's vast auto market as they lose market share to Tesla and Chinese firms like BYD.
April 01, 2024
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