TECH - Chinese Automaker SAIC Eyeing Layoffs At Joint Ventures With GM Volkswagen: Report | Benzinga
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).
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. The layoffs are expected this year and will mostly be executed through the implementation of stricter performance standards and payout to employees who received ...