Geely to assemble MK-2, CK-2 sedans in Ukrain

Published: 08 Apr 2009 22:46:01 PST

Shanghai, April 8 (Gasgoo.com) Ssangyong Motor, currently under court receivership, announced on Wednesday that it needed to slash 36 percent of its workforce to revive the company, reported Reuters.

Ssangyong said in a statement that 2,520 employees of its current 7,000 will be laid off in an effort to normalize company management. The South Korea automaker, which is 51% owned by SAIC, expected an operating loss margin this year of 7.7 percent.

Ssangyong Motor produced 122,857 cars in 2007 and 81,445 in 2008. But even if the company more than doubles its current production, it will still be impossible to generate operating profits if the workforce is maintained at its current level of 7,000.

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