Reported 8 months ago
Honda, a Japanese car brand, is experiencing a continuous decline in sales, leading to a massive cut of 2300 employees due to poor sales in China. The fierce competition in the automotive market, along with the rise of electric vehicles in China, has put traditional car industries like Honda under pressure, causing a significant decrease in sales and even some production lines to stop. This has led to layoffs throughout various Japanese car manufacturers like Toyota and Mitsubishi, as demand for new energy vehicles in the Chinese market continues to rise.
Source: YAHOO