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Mercedes-Benz Plans To Cut up To 15% Of Its Workforce In China
Mercedes-Benz and its subsidiaries plan to cut up to 15 percent of jobs in China, particularly in finance and sales, amid growing competition in China, the world’s largest car market, sources told Bloomberg.
According to Mercedes-Benz’s website, the Beijing-based car company employed 12,000 people last year. The biggest blows are being felt in the car financing division, according to those involved. The German company’s finance department is struggling to compete with Chinese institutions, including state banks. These banks can offer more attractive loans to car buyers.
The automaker has already begun cutting jobs and not renewing contracts for temporary workers.
Mercedes-Benz warned last week of a profit drop this year. Like other European carmakers, the group is struggling with falling demand in key markets such as Europe and China. Part of the sales drop is also due to the difficult transition to electric driving.
Mercedes-Benz plans to eliminate up to 15% of its workforce in China.
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