Chinese automaker GAC Mitsubishi released a letter to all staff on Wednesday saying that as sales have fallen far short of expectations, the company entered a temporary production halt in June, and will conduct layoffs based on the actual situation.
Last month, GAC Group, the parent company of the joint venture granted GAC Mitsubishi a loan of 942 million yuan (US$131.36). In Q1 this year, GAC Mitsubishi’s sales volume dropped 57.95 percent year on year.
