Dec 05, 2023 05:28 AM

BUSINESS

Honda’s China Venture Cuts 7% Jobs as Sales Slide in Electrification Race

By Qi Zhanning and Han Wei

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GAC Honda’s sales have been declining since 2021 as the move to electric vehicles accelerated in the world’s largest car market

GAC Honda’s sales have been declining since 2021 as the move to electric vehicles accelerated in the world’s largest car market

A joint venture of Japanese carmaker Honda Motor Co. Ltd. and China’s Guangzhou Automobile Group Co. Ltd. (GAC) has cut 900 jobs in China as the move to electric vehicles increasingly squeezes legacy industry leaders.

GAC Honda Automobile Co. Ltd. has reduced its workforce by more than 7%, mainly affecting dispatched workers hired through employment agencies, the Guangzhou-based company told Caixin Monday.

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