The reassessment represents a major shift in strategy for GM, which earned billions of dollars in China as recently as 2018. The automaker is pulling back as many foreign brands are struggling with a profusion of local competitors in the world’s largest car market, which is now facing massive overcapacity.
The reset involves a shift to producing electric vehicles, focusing on more upscale models and importing premium vehicles, these people said. Reductions in factory capacity and additional job cuts are under consideration, said the people, who asked not to be named because the plans are still in the works and have not been publicly disclosed.
GM will continue to make less expensive vehicles and EVs locally in a joint venture with SAIC Motor Corp. and Wuling Motors, some of which will be exported from China.
https://www.msn.com/en-in/news/other/gm-layoffs-general-motors-cuts-jobs-in-china-amid-declining-sales-and-high-competition-looks-to-reset-business/ar-AA1oHgjV