Synopsis
China’s auto market has been rattled by a brutal price war since late last year amid slowing sales. Sales of EVs have plunged since a government subsidy expired at the end of last year and as consumers remain hesitant about spending.
By Lu Yutong, Qu Yunxu and Bonnie CaoYang Ming, an employee of CALB, China’s third-largest power battery producer, was confused and surprised by the company’s sudden pay cuts, layoffs, and reduction in output.“I don’t know what happened this year,” Yang, in his early 20s, told Caixin in mid-March. “The entire industry has few orders. Nearby factories are all laying off people, and any production line without orders may cut jobs.”Based in
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