China’s SAIC Motor aims to cut thousands of jobs this year at its joint ventures with General Motors and Volkswagen and at an electric-car unit, two people with knowledge of the matter told Reuters.
The staff reductions won’t happen all at once in mass layoffs but are targeted for 2024, the sources said. A large portion will come through implementing stricter performance standards and offering payouts to lower-rated employees who resign, they said. A GM spokesperson in China said it would be “inaccurate” to say SAIC-GM is “reducing its work force by 30%” but declined to elaborate. A VW China Group spokesperson said it did not plan “layoffs” and that it was “incorrect” to say SAIC-VW plans to cut 10% of its work force.
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