Search

BYD will cut salaries due to low profits in China

1 min to read
Jun 28, 2012 9:09 PM CEST
BYD S6

Chinese battery and vehicle maker BYD Co plans to cut salaries due to sharply lower profits amid lackluster market performance.

According to an internal document, BYD will cut bonuses between June and September by 18 percent, which will make the total earnings of employees in the Shenzhen-based company slide by 14 percent during that period.

The move is expected to reduce by about 240 million yuan ($38 million) the human resource costs for the Warren Buffett-backed company. BYD reported a net profit of 1.39 billion yuan in 2011.

In the first quarter, BYD sold 110,000 vehicles, down 8 percent from the previous year.

China’s automobile market slowed down in 2011, after two strong years. The continued slowdown of the domestic market brings challenges for China’s homegrown auto brands, including BYD.

The market share of domestic auto brands has dropped for three consecutive months. The downturn trend is expected to continue as the market is seen stagnating.

Via: ChinaDaily.

Recommended for you
Sunday China Drive | BYD Han L EV 1,086 hp dual-motor EV tested
e59bbee78987-196
BYD opens China’s first NEV all-terrain race track: experience the 233,000 USD Yangwang U9 supercar for just 80 USD
Fang Cheng Bao Ti7 rolled off the production line ahead of launch in China
BYD’s Fang Cheng Bao Ti7 rolled off the production line ahead of launch in China
Follow us for ev updates
BYD
China Car News
China Car Sales
profits
Comments