SAIC Motor intents to Layoff 30% of employees at GM, VW & EV unit

SAIC Motor intents to Layoff 30% of employees at GM, VW & EV unit
China-headquartered SAIC Motors aims to cut down thousands of jobs this year at its joint ventures with General Motors & Volkswagen & in an electric car unit. 
The global Automotive Company projects to cut down 30 percent of its employees at SAIC-GM, 10 percent at SAIC Volkswagen & more than the half of its Rising Auto EV subsidiary.
The reduction of large-scale workforce are unusual in the state-led Chinese ventures & come among a competitive automotive price war by means of economy of the country weakens. 
Also the falloffs signifies the bang of electric vehicles, where SAIC & its international partners have quickly lost the shares in markets to Tesla & other private Chinese automakers directed by BYD.
According to the sources subjected to this matter, the reduction of work forces won’t happen at all once heavy layoffs but they are aimed for the year 2024. A wide executions happen through severe standards of performances & presenting payouts to minimal rated workers who resign.
The spokesperson of SAIC said, "Speculation" about staff reduction is “not true” & that the company would not plan targets for the dismissals of workers. About the efforts to get minimal-rated performers to resign or the other staff dismissal strategies, SAIC did not respond. Also the company added that it had hired 2,000 workers in the first two months of the year 2024 under the category of new-energy vehicles & software.