Search

BYD’s vice president resigns

1 min to read
Oct 1, 2012 3:35 PM CEST
BYD China

Shenzhen-based automaker BYD Co Ltd said on Thursday that its long-time vice-president Yang Long-zhong has resigned, amid a revenue slump in the past quarters. The company said that Yang is leaving due to a business restructuring and for personal reasons.

However, industry insiders said that the company’s executives may be leaving the company due to its gloomy prospects.

The Warren Buffett-backed automaker posted a 94-percent drop in earnings for the first half of the year. The company cited the economic slowdown and overall sluggish demand for domestic brands as the reasons behind the lackluster results.

“The resignation indicates that BYD’s executives are not optimistic about the profit prospects in the long run,” said a report in China Business News.

In July, six top executives at the company, including Yang, cashed 869 million yuan ($137.10 million) in company stocks, and Yang cashed another 119 million yuan in August, the report said.

Via: ChinaDaily.

BYD
China Car News
Recommended for you
Sunday China Drive | BYD Sealion 06: replaces outgoing Sealion 6 with 800V platform and DiSus-C suspension
2026 BYD Song L DM-i extends EV range to 200 km from 112 km, launching late October
e59bbee78987-72
BYD recalls over 115,000 Tang and Yuan Pro models for safety issues
Follow us for ev updates
Comments