Wuhan's leading joint venture automaker starts large-scale layoffs due to competition from new energy

Recently, a leading Sino-Japanese joint venture automaker in Wuhan, Hubei Province, launched a large-scale layoff plan due to market competition pressure. Since its establishment, the automaker has been operating in Wuhan for more than 20 years, with an output value of more than 100 billion yuan, creating a large number of jobs for the local area and serving as an important source of tax revenue. However, with the strong rise of Chinese new energy vehicle brands, especially brands such as BYD, the operating conditions of the joint venture automaker have deteriorated, and it has to choose to close some factories and lay off employees. It is reported that the company has adopted a voluntary resignation method for employees, and thousands of employees have chosen to leave. In order to express respect for employees, the company provided them with high compensation and held a grand farewell party.