SAIC-General Motors, GM’s passenger-vehicle joint venture with SAIC Motor Corp., issued a statement Wednesday condemning rumors it is preparing to cut jobs amid weak sales by offering buyouts to veteran employees.
“The company does not have any plans to buy out employees above the age of 45 or any other layoff plan,” SAIC-GM said.
“The negative impact caused by the online rumors has disrupted the normal production and operation order of the company and seriously damaged the company’s business reputation,” it added.
SAIC-GM, a 50-50 partnership between SAIC and GM, builds and markets cars and light trucks for Buick, Chevrolet and Cadillac.
In January, shipments at the company shrank 50 percent year on year to 55,000 due to a lingering coronavirus outbreak and fewer working days as a result of the Chinese New Year holiday.
In 2022, new-vehicle shipments at the joint venture dropped 12 percent to 1.17 million, according to numbers disclosed by SAIC.