BEIJING/PARIS—Peugeot maker PSA Group and partner Dongfeng Group have agreed to cut thousands of jobs in China and drop two of their four shared assembly plants, according to a document seen by Reuters, in a last-ditch bid to curb mounting losses as the world’s largest auto market loses steam.
Dongfeng Peugeot Citroen Automobiles (DPCA), the carmakers’ joint venture based in Wuhan, China, will halve its workforce to 4,000 as it closes one plant and sells another under an agreement last month between PSA boss Carlos Tavares and Dongfeng Chairman Zhu Yanfeng, the document showed.
