The company is scaling back global production capacity by 20%, in response to weakening sales in key markets like China, North America & Japan
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CEO Dennis Woodside emphasised that the layoffs are part of the company’s broader strategy to enhance efficiencies and refocus on core priorities
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The workforce reduction has taken place is the U.S audit division
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The restructuring has led to the layoff of dozens of employees at Yuanjing, impacting its operations in Shanghai and Hangzhou
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The job cuts will take place primarily within the automotive supply sector, tools department and BSH household appliances division
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In September, about 3,941 employees were laid off by 35 tech companies, while October marked a further drop, with 3,080 positions eliminated across 30 companies
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The layoffs will affect tech division, while others are in international sales and partnership roles
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As part of this reorganisation, the roles of CFO and COO are being phased out, and the organisation is aiming to lessen its reliance on external consultants
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According to the company's FY23-24 annual report, the workforce in customer service dropped from 1,100 to just over 400
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The company plans to reduce nearly 2,000 jobs in Greater China and another 350 positions across Europe
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