Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens West window past, Brother Black fly's left hand clue delivery! CTOnews.com, July 25 (Xinhua)-- Guangzhou Toyota Motor Co., Ltd., Toyota's joint venture in China, said it had terminated the contracts of about 1000 workers ahead of schedule due to recent production conditions, according to Reuters. The company will give financial compensation in accordance with the law and carefully explain the situation to those affected.

CTOnews.com learned from the GAC Toyota website that the GAC Toyota plant produces 1 million cars a year, employs about 19000 people, and produces Camry, Leiling, bZ4X and other models. Toyota's layoffs came after Mitsubishi Motors said it would cut staff costs in its Chinese joint venture with GAC GROUP to improve performance.

Japanese brands suffered the biggest decline among Chinese carmakers in the first half of this year, with market share shrinking to 14.9 per cent from nearly 20 per cent a year ago, according to the China Association of Automobile Manufacturers of Tuyuan Reuters. At the same time, Chinese brands account for 53% of total sales.

Toyota joined the price war launched by Tesla in January and cut the starting price of its bZ4X EV by 15% in February, hoping to boost sales in China through electric models.

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