Reports suggest that Chinese automaker SAIC is considering layoffs at its joint ventures with GM and Volkswagen.

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What Happened: SAIC, which is owned by the Chinese state, is looking to cut 30% of employees at its joint venture with GM, 10% of employees at its JV with Volkswagen, and more than half its employees at its Rising Auto EV brand, reported Reuters, citing two sources familiar with the matter.

Chinese carmaker SAIC Motor is reportedly looking to cut jobs in the thousands at its joint ventures with foreign automakers General Motors (NYSE:GM) and Volkswagen (OTCPK: VWAGY).

The layoffs are expected this year and will mostly be executed through the implementation of stricter performance standards and payout to employees who received ...

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Article Details

Author / Journalist: Anan Ashraf

Category: Technology

Markets: United StatesChina

Topics: SAIC News Tech US37045V1008 EVs Electric vehicles Mobility VWAGY Benzinga GM

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-04-01 @ 06:31:53 (4 weeks ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 350 words

Reading Time: 2 minutes read

Sentences: 15 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Benzinga

News ID: 20565563

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