Chinese automaker to trim workforce

State-owned automaker Chery Automobile has announced that it plans to cut hundreds of jobs and develop new models and closer ties to partners, The Wall Street Journal reported. The assistant to Chery President Huang Huaqiong said job cuts at the company that employs 25,000 workers would be relatively minor. This comes as part of Chery’s restructuring plans, reportedly two years in the making, in a bid to become more competitive against global players like General Motors (GM.NYSE) and Volkswagen (VOW.NYSE, VOW.FWB) and their Chinese partners, that dominate the market. The Chinese carmaker sold around 550,000 cars last year, down 13% from the year before, according to Macaquarie Securities.