China’s largest carmaker to cut thousands of jobs at its joint ventures with GM and Volkswagen
Baua Electric
APRIL 1, 2024
The total number accounts for 30% of employees at SAIC-GM, 10% at SAIC Volkswagen, and more than 50% at its Rising Auto EV subsidiary, two unnamed sources told Reuters. Mass layoffs by Chinese-owned firms are extremely rare, but the fierce price spearheaded by BYD has potentially forced its hand. SAIC-VW ID.3
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