China’s SAIC aims to slash jobs at GM, VW ventures and EV unit (unnamed sources cited)

Reuters with the info that – China’s SAIC Motor plans to cut thousands of jobs in 2024 at its joint
ventures with General Motors and Volkswagen, and
at an electric-car unit.

Reuters cite two people with knowledge of the matter.

SAIC is a Chinese state-owned automaker.

• Hopes to cut 30% of employees at
  SAIC-GM, 10% at SAIC Volkswagen and more than half at its Rising
  Auto EV subsidiary.

Cuts said to be due to a fierce automotive price war as
the economy stumbles along, as well as the
surge of electric vehicles in China. SAIC is just one manufacturer of vehicles that have rapidly lost market share to Tesla and privately owned Chinese automakers led by BYD.

A SAIC spokesperson said Reuters’ “speculation” about staff
downsizing is “not true”.

This article was written by Eamonn Sheridan at www.forexlive.com.