04:08 AM EDT, 04/01/2024 (MT Newswires) -- China's state-owned SAIC Motor plans to reduce up to 30% of the headcount at its joint venture with General Motors ( GM ) , Reuters reported Monday, citing two unnamed people with knowledge of the matter.

SAIC also plans to cut 10% of jobs at its SAIC Volkswagen joint venture and more than half at its Rising Auto Electrical Vehicles unit, the news outlet reported.

According to the report, competition from Tesla (TSLA) and privately owned Chinese carmakers has slowed sales.

The job cuts will not happen in a mass layoff but are targeted to occur this year, the sources told Reuters.

SAIC did not immediately respond to MT Newswires' request for comment.

According to the report, however, a SAIC spokesperson said that Reuters' "speculation" about staff downsizing is "not true." A GM spokesperson also said it would be "inaccurate" to say that SAIC-GM is reducing its staff by 30%, Reuters reported.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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