By Tyler Durden | 27 February 2019
ZERO HEDGE — At a time when global auto sales are grinding to what feels like inevitable prolonged recession, the world is taking many of its industry cues from China. Which is why it is notable that Ford’s China JV would be laying off “thousands” of workers according to the NYT.
Thousands of the JV’s 20,000 total workers are expected to be laid off as a result of weak auto sales in the world’s second largest economy – a sign of continuing weakness for autos (and the overall economy) heading into the second quarter of 2019. Layoffs recently “quietly begun”, according to additional reporting from Reuters. Neither Ford nor its China JV, formed in partnership with Changan Automobile Group, had a comment on the reported layoffs Wednesday morning. […]
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