Chinese self-driving startup Haomo.AI said it has retrenched its staff, Yicai Global reported Monday, citing a statement sent to the news outlet.
The layoffs are "normal adjustments to its organizational structure," Yicai said, citing the startup.
Rumors said the former Great Wall Motor (HKG:2333, SHA:601633) division retrenched about 30% to nearly 50% of its employees, the report said.
Haomo was spun off from Great Wall in 2019.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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