By South China Morning Post | Created at 2024-11-05 12:46:59 | Updated at 2024-11-05 14:43:51
2 hours ago
Beijing-based Autra.tech’s current challenges in financing and tight cash flow cannot support its research and development plans, product outlay and operations, chief executive Fei Ding wrote in an internal letter to employees in September, according to a report this week by Chinese news outlet LatePost.
That has prompted the company to push a range of cost-reduction measures, including cutting all employees’ monthly salary to 10,000 yuan (US$1,408), cancelling the development of new vehicle models and suspending delivery of new orders, Ding wrote in the letter.
Autra.tech’s office in southern tech hub Shenzhen was vacated in the middle of October, while its workplace in Guangzhou had also become inactive, according to the LatePost report. Some employees at its Beijing headquarters already work from home.
Autra.tech did not immediately reply to a request for comment on Tuesday.
