Peugeot maker PSA Group and partner Dongfeng Group have agreed to cut ...
) have agreed to cut thousands of jobs in China and drop two of their four shared assembly plants, according to a document seen by Reuters, in a last-ditch bid to curb mounting losses as the world’s largest auto market loses steam.
Both carmakers declined to comment on details of their restructuring plans. “We are working with our partners to improve the overall performance of our business in China in all its dimensions,” a PSA spokesman said. PSA is attempting a reboot in adverse conditions. Once an auto industry cash cow, the Chinese market contracted last year for the first time since the 1990s and is expected to decline another 5% in 2019, squeezed by a worsening U.S.-China trade war.
“We’re not giving up,” a PSA spokesman said. “We are still pursuing our action plan to cut fixed costs.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alessia Cara Drops Funky New Song, ‘Rooting for You’ (Listen)This morning, 2018 Grammy Best New Artist winner Alessia Cara dropped “Rooting for You,” the second song from her forthcoming EP, “This Summer,” which ironically drops shortly before the end of sum…
Read more »
China Money In The U.S. Has Nearly Evaporated. Tourist Numbers Collapse.China's foreign direct investment into the U.S. has fallen by over $40 billion in two years.
Read more »
China continued Iran oil imports in July in teeth of U.S. sanctions: analystsChina imported Iranian crude oil in July for the second month since a U.S. sanct...
Read more »
Chinese soybean buyers shy away from Brazilian cargoes as prices jump: tradersA jump in prices for Brazilian soybeans is putting off buyers in China, two trad...
Read more »
India's Mahindra considers second U.S. plant in MichiganIndian automaker Mahindra and Mahindra Ltd said on Thursday it plans to open a p...
Read more »
China Moves To Stabilize Yuan After Letting It Weaken To 11-Year LowIt comes after U.S. and Asian stocks dropped sharply earlier on Tuesday, after the U.S. officially branded China a 'currency manipulator.'
Read more »