Market Chatter: BAIC-Hyundai Joint Venture Denies Layoff Reports; Hyundai Motor's Shares Down 4%

MT Newswires Live

2024/10/01

A joint venture of Chinese automobile company BAIC Motor (HKG:1958) and South Korea's Hyundai Motor (KRX:005380) denied a report that it is planning to lay off employees in batches, Yicai Global reported Sept. 30.

Beijing Hyundai Motor responded after sources said in a report that the joint venture plans to cut about 30% of its employees, laying them off in two batches, according to the report.

The carmaker said it is conducting standard personnel adjustments as part of its annual employee appraisal procedures based on business performance. The company is also looking to hire more than 100 workers during the year, Yicai added.

Hyundai Motor's shares dropped more than 4% in recent trade.

(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.)

Price (HKD): $244000.00, Change: $-11000, Percent Change: -4.13%

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The company is also looking to hire more than 100 workers during the year, Yicai added.</p><p>Hyundai Motor's shares dropped more than 4% in recent trade.</p><p>(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.)</p><p>Price (HKD): $244000.00, Change: $-11000, Percent Change: -4.13%</p></body></html>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"JYNT","symbol_name":"The Joint Corp.","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2472392562","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2472392562","pubTimestamp":1727753709,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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