GWMOTOR (02333.HK) plans to close its European headquarters in Munich, Germany, in August and dismiss about 100 employees, Bloomberg reported.
The company said in a statement on its website last month that it was adjusting its European business strategy as the electric-vehicle market became more challenging.
The company also said that its China-based operations will be responsible for providing support to its European distributors, and that it will continue to explore new markets.
The report cited a company representative as saying that about 100 European employees were laid off.
Excluding the Russian market, GWMOTOR sold about 6,300 vehicles in Europe last year, accounting for about 2% of the company’s total exports, the report told.
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