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Retired Shandong Securities Regulator Put Under Probe
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By Zhao Runhua / Feb 15, 2019 02:06 PM / Business & Tech

Photo: VCG

Photo: VCG

China's ride-hailing leader Didi Chuxing announced mass layoffs in a meeting at the company’s Beijing headquarters Friday morning, Chinese tech media reported

A source familiar with the issue confirmed the report to Caixin. Didi declined to comment.

The company will lay off roughly 2,000 staffers, Didi CEO Cheng Wei announced at the meeting. Layoffs will impact 15% of the company’s total corporate workforce.

Cheng added that the company also plans to recruit 2,500 new employees in divisions focusing on safety technology, product management, operations and driver management.

Didi President Liu Qing said in the same meeting that the company is “carefully” evaluating business models that involve controversial subsidy policies and is seeking new solutions, 36Kr reported.

Earlier this week, it was reported that Didi lost 10.9 billion yuan ($1.6 billion) for 2018 and raked in 1.13 billion yuan in driver subsidies in the same year, which Caixin cannot verify independently.

In January, rumors spread that Didi was considering laying off as much as 20% of its staff, though Didi offered no comment at the time.

Related: Didi Reportedly Lost $1.6 Billion in 2018


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