China’s Government is firing thousands of staff that work at GM and VW

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In response to fierce pricing competition and declining market share against rivals such as BYD and Tesla, reports indicate that SAIC Motor, China’s state-owned automotive manufacturer, is implementing significant workforce reductions this year. These cuts will affect its joint ventures with General Motors and Volkswagen, as well as its electric vehicle (EV) unit. Mass layoffs are an uncommon measure for a Chinese-owned company, underscoring the severity of the situation.

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