What’s new: CALB Group Co. Ltd., China’s third-largest battery producer, has recently revoked job offers it had extended to hundreds of fresh college graduates months ago, leaving them scrambling to land other work, five students told Caixin.
Graduate job offers were rescinded by all CALB’s seven manufacturing bases, Caixin has learned. Students who were due to join the firm in July but then suddenly had their offers nixed have created social media groups to share their experiences and hiring information, with the number of members in some groups amounting to over 700.
Losing job offers now is particularly damaging for fresh graduates as they are also likely shut out of hiring by other companies, which have already secured their new cohort of recruits in the past months, the students said.
CALB told the affected students Friday that it had yanked their job offers because the company has adjusted its business operations in response to shifting market and client demand, citing opportunities and challenges in the new energy sector, said the students.
The background: The belt-tightening by CALB started as early as late last year, when it started to cap work hours and cut compensation. The company froze hiring in February, with the number of employees plunging to 1,000 from a peak of 8,000, Caixin has learned.
This came as battery makers and EV manufacturers feel the pinch of overcapacity, partly due to weaker EV sales after a government subsidy expired at the end of 2022 and as consumers remain hesitant about spending.
Related: In Depth: China’s EV Battery Boom Goes Bust
Contact reporter Zhang Ziyu (ziyuzhang@caixin.com)
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