Key Points
China'sSAICMotor600104.SSaimsto cut thousands ofjobsthis year at its jointventureswith General Motors andVolkswagenandat an electric-carunit, two people with knowledge of the matter told Reuters...
The state-owned automaker hopes to cut 30% of employees atSAIC-GM, 10% atSAICVolkswagenandmore than half at its Rising AutoEVsubsidiary, the people said.. Large-scale workforce reductions are rare at state-owned Chinese firmsandcome amid a cut-throat automotive price war as the nation's economy falters..
The cutbacks also reflect the explosion of electric vehicles in China, a sector whereSAICandits foreign partners have rapidly lost market share to Teslaandprivately owned Chinese automakers led by BYD1211.HK...
A large portion will come through implementing stricter performance standardsandoffering payouts to lower-rated employees who resign, they said.. ASAICspokesperson said Reuters' "speculation" about staff downsizing is "not true"andthat the company would not set targets for worker dismissals.SAICdid not respond to questions about efforts to get low-performers to resign or other staff-reduction strategies...
For 2023, however, about 10% ofSAIC-VWemployees received the lower ratings, one of the people said.. D-rated employees are being offered payouts to quit,andC-rated workers are being put in "uncomfortable positions" intended to encourage resignations, the source said...
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