BEIJING/PARIS — PSA Group and partner Dongfeng Motor have agreed to cut thousands of jobs in China and drop two of their four shared assembly plants, according to a document seen by Reuters, in a last-ditch bid to curb mounting losses as the world’s largest auto market loses steam.
Dongfeng Peugeot Citroen Automobiles, the automakers’ joint venture based in Wuhan, central China, will halve its workforce to 4,000 as it closes one plant and sells another under plans agreed last month between PSA CEO Carlos Tavares and Dongfeng Chairman Zhu Yanfeng, the document showed.
