Dongfeng Peugeot Citroen Automobile is to ask 1,000 workers to take leave from November because of falling production, a local newspaper has reported.
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The company, which is a joint venture between the French group PSA Peugeot Citroen and China’s Dongfeng Motor, will offer the workers basic living expenses, the Dongfang Daily was quoted as reporting by Dow Jones today.
The news report cited an unnamed public official. The measure was for an unspecified amount of time, the official said.
Earlier this week, China’s Dongfeng Automobile reported a fall in its third quarter net profits, despite a rise in turnover.
The Chinese group, controlled by China’s third-largest vehicle maker, Dongfeng Motor, reported that net profits fell to Y66.11m compared to Y106.68m for the same period last year.
Turnover, however, rose to Y3.46bn compared to Y3.14bn, a year earlier.
The company, which produces pickups, buses and light trucks, reported that earnings per share fell to Y0.033 from Y0.533.
