Toyota Motor’s joint venture in China said on Monday that it has terminated early the contracts of about 1,000 dispatch workers, in a sign of pressure on automakers from a price war in the world’s largest auto market. | Reuters
The company would provide economic compensation as required by law and earnestly explain the situation to those affected, it said in the statement.
The GAC Toyota factory has an annual output capacity of 1 million vehicles and employs around 19,000 people, according to its website. It produces models including Camry, Levin and bZ4X.move comes after peer Mitsubishi Motors said earlier in July it would cut staff costs at its ChineseMitsubishi Motors chief executive Takao Kato told reporters during an earnings call on Monday that the company had not yet agreed with its local counterpart inexactly how it would pursue the restructuring.
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