China Evergrande’s electric vehicle unit said to lay off 10% workforce – report

 

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China Evergrande Group’s electric vehicle unit plans to lay off 10% of its workers, according to China’s state-run newspaper Securities Times, citing people familiar with the matter.

On top of the layoff, another 25% of staff of China Evergrande New Energy Vehicle will be allowed to stay but salary payment will be suspended for 1 – 3 months, according to the report.

Separate report by mainland news outlet Jiemian News showed that many of the carmaker’s salespersons have been notified of suspension of work and salary payment for three months, though their jobs will be kept.

Employees at showrooms of its Hengchi models across several regions in China have seen salary payment delayed in October and November, according to the report.