08:36 AM EDT, 05/15/2024 (MT Newswires) -- Honda Motor ( HMC ) is reducing its China headcount, with about 1,700 employees, or 14% of production staff, voluntarily laid off so far, Reuters reported Wednesday, citing a company spokesperson.

GAC Honda Automobile, a joint venture between the Japanese vehicle maker and China's state-owned Guangzhou Automobile Group, told workers earlier this month that it was looking for volunteers for a layoff, Reuters quoted the spokesperson as saying.

Honda ( HMC ) did not immediately reply to MT Newswires' request for comment.

(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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