China’s prolonged property downturn, weakening consumer spending, and intensifying price wars are forcing the country’s well-established home appliance manufacturers into sweeping cost-cutting measures, with industry participants warning that the pressures are spreading across the private manufacturing sector.
Guangdong-based kitchen appliance maker Vanward Electric, a household name in China with more than three decades of history, recently told employees that it is facing the “most severe survival challenge in its history.” In an internal letter published on state-censored news portal NetEase by a blog specializing in home appliance manufacturing news, the company announced plans to eliminate redundant positions and implement company-wide cost reductions and efficiency measures….
China’s Property Downturn Drives Layoffs, Cost Cuts at Home Appliance Manufacturers
