China's auto workers bear the brunt of price war as fallout widens

[CIA Mole]

Insight: China's auto workers bear the brunt of price war as fallout widens

As Shanghai sweltered in a heatwave in June, the car factory where Mike Chen works switched production to night shifts and dialled down the air-conditioning.

www.reuters.com

Several automakers including Mitsubishi Motors (7211.T)and Toyota (7203.T) have laid off thousands in China after sales slumped. Others such as Tesla and battery maker CATL (300750.SZ) have slowed hiring as they delayed expansions. Hyundai (005380.KS) and its Chinese partner, meanwhile, are trying to sell a plant in Chongqing.

After being rejected by Li Auto and Xpeng, Liu almost got a job at Chery's plant in the eastern port of Qingdao through a labour agent, but he refused to pay him a 32,000 yuan commission to secure the position.

 

[Menthol]

Not just China, but the whole world.

There's overproduction, so expect the car price is going to fall.

Good news everyone!!!