China’s Used Car Platform Renrenche Looks to Slash Jobs by 60 Percent, Source Says

A worker inspects imported cars at a port in Qingdao City, Shandong Province, China, on May 23, 2018. Stringer/Reuters

BEIJING—China’s online used car trading platform Renrenche aims to cut as much as 60 percent of staff as it battles tight funding and fierce competition, a source familiar with the matter told Reuters on June 24.

The move comes amid a slowdown in China’s tech sector that has led to caution among venture capitalists, underperforming IPOs and staff layoffs by companies such as JD.com.