China Evergrande Auto Unit to Lay off 10% of Workers -Source

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SHANGHAI (Reuters) – China Evergrande Group’s electric vehicle unit plans to lay off 10% of its workers, a source familiar with the matter said on Friday.

The company, China Evergrande New Energy Vehicle Group Ltd also plans to suspend salary payments to 25% of its workers for between one and three months, the source said.

The EV unit is key for Evergrande, once China’s top-selling developer and now at the centre of the country’s property crisis.

Chairman Hui Ka Yan has vowed to shift the group’s primary business within 10 years from real estate to the automobile venture, which has itself struggled for capital.

(Reporting by Shanghai Newsroom; Editing by Tom Hogue)

Copyright 2022 Thomson Reuters.

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