Tianjin Automotive Industry Corp. reportedly will eliminate 15,000 workers, one-third of its 50,000 workers, due to restructuring and cost cutting. Tianjin says the cuts have nothing to do with its recently announced merger with China’s No.1 auto maker, First Automotive Works (FAW), but with aligning its workforce to current slumping economic conditions. Last week, Tianjin inked an agreement with FAW to transfer 50.9% of Tianjin Automotive Xiali Ltd., a compact car unit, plus its entire ...
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