China's auto market faces challenges, with many companies announcing layoffs

As competition in the Chinese auto market intensifies, several companies have announced layoffs. Mitsubishi Motors will exit the Chinese market in 2023, and electric motor supplier Nidec and Forvia, the world's seventh-largest auto supplier, have also withdrawn from the Chinese market due to pressure. Guangqi Honda recently announced 1,700 voluntary layoffs, accounting for 14% of its employees. Among the only three profitable electric vehicle manufacturers, Ideal Auto has laid off about 18% of its employees, or 5,600 employees, while Tesla will lay off 10% of its employees worldwide, and BYD announced a 10% workforce "optimization" in April, which was widely interpreted as layoffs.