BYD to lay off 67% workforce

• Source: globaltimes.cn
• [13:36 February 28 2011]
• Comments

BYD Automobile is readying to carry out a massive layoff recently, news that come just a few days since the company announced to lower the prices of five major products to expand market share, according to the Economic Observer.

It is reported that 67 percent of employees will be laid off inside the sales department of the automaker.

"Some 200 salesmen in the A2 area have been disconnected after the Spring Festival," an employee who stood at the brink of dismissal, told the reporter.

BYD became a dark horse in the Chinese auto industry in 2010 as its sales volume surged dramatically. However, the company failed to realize its target of selling 600, 000 (sold only 520,000 units).

The company's shares closed at HK$31 ($3.9) each last week.