GM Cuts Jobs, Restructures China Operations

General Motors (GM) is cutting jobs in China and planning a significant restructuring of its operations in collaboration with its local partner, SAIC. This move comes as GM faces heightened competition from domestic Chinese automakers and a shift towards electric vehicles (EVs) in the market. CEO Mary Barra and CFO Paul Jacobson have emphasized the need to make the Chinese operations profitable and sustainable, despite recent losses. The restructuring will focus on producing more upscale and premium models, reducing manufacturing capacity, and ensuring the SAIC-GM partnership can fund its own operations. GM's market share in China has significantly declined since its peak in 2017, highlighting the challenges posed by local competitors and the evolving automotive landscape.