Reuters with the info that - China's SAIC Motor plans to cut thousands of jobs in 2024 at its joint ventures with General Motors and Volkswagen, and at an electric-car unit.

Reuters cite two people with knowledge of the matter.

SAIC is a Chinese state-owned automaker.

  • Hopes to cut 30% of employees at SAIC-GM, 10% at SAIC Volkswagen and more than half at its Rising Auto EV subsidiary.

Cuts said to be due to a fierce automotive price war as the economy stumbles along, as well as the surge of electric vehicles in China. SAIC is just one manufacturer of vehicles that have rapidly lost market share to Tesla and privately owned Chinese automakers led by BYD.

A SAIC spokesperson said Reuters' "speculation" about staff downsizing is "not true".

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