Peugeot maker PSA Group and partner Dongfeng Group have agreed to cut thousands of jobs in China and drop two of their four shared assembly plants, in a last-ditch bid to curb losses as the world’s largest auto market loses steam, said Reuters.
Dongfeng Peugeot Citroen Automobiles (DPCA), the carmakers’ joint venture based in central China will halve its workforce to 4,000 as it closes one plant and sells another under plans agreed last month between PSA boss Carlos Tavares and Dongfeng Chairman Zhu Yanfeng.
DCPAs sales in China shrunk almost threefold to 251,700 vehicles last year from a 2014 peak of 731,000.