Chinese home appliance-maker Hisense Group is laying off more than 10,000 people, as the global coronavirus pandemic has disrupted production and reduced demand for its products, reported Caixin.
Executives are determined to carry out the redundancies and most departments will be affected, according to one employee in the company’s research department, who said that layoffs may affect as much as 20% of the company’s staff. Company Chairman Zhou Houjian said earlier this year that Hisense had a total global workforce of 80,000.
Hisense Group, headquartered in the Shandong province city of Qingdao, sells home appliances like TVs and air conditioners around the world. The company has two listed units, the Shanghai-listed Hisense Visual Technology and Hong Kong-listed Hisense Home Appliances Group.
In 2019, Hisense Group reported revenue of RMB 127 billion ($18 billion), with RMB 46 billion, or nearly 40%, generated overseas.