On August 14th, in response to rumors of General Motors restructuring its business in China, laying off employees, and reducing production capacity, the relevant person in charge of General Motors China stated that the partnership between General Motors and SAIC Group and the commitment to promoting the long-term development of joint ventures have not changed. General Motors will continue to provide Chinese consumers with the best products and technologies from General Motors and make product plans for the future. As General Motors CFO Paul Jacobson said at an investor conference last week, "China business is a high-quality asset for our present and future
In order to achieve long-term development goals, the cooperation and communication between General Motors and its joint venture partner SAIC Group are closer than ever to achieve profitability and sustainable development.
On August 13th, Bloomberg reported, citing sources familiar with the matter, that General Motors is laying off employees in departments related to the Chinese market, including its research and development department. In the coming weeks, General Motors will discuss possible capacity cuts with SAIC Group.
General Motors' Q2 2024 financial report reveals that the Chinese market will continue to face challenges from changes in industry competition and aggressive pricing. General Motors is working closely with its joint venture partners to restructure its business for profitability and sustainable development. To this end, General Motors has taken a series of important measures, including reducing inventory, producing on demand, protecting pricing systems, and lowering fixed costs.