BYD lets 1800 staff redundent go as sales go south
Published August 30, 2011
Chinese media are reporting that BYD are planning to let up to 70% of its sales team go over the next few weeks with mandatory redundancies being sent through and the majority of staff being forced out of their positions by September 30th. Auto 163 are reporting that they have received many reports from BYD sales staff on the issue, but calls to BYDs Sales Director, Mr. Wang Jian Jun are going unanswered amid the media frenzy.
A BYD insider was quoted as saying that BYD are planning to reduce their sales team from 2600 people to just 800 people, with the first 1000 going this month from the sales team and a further 800 being culled from other departments. BYDs former sales General Manager, Mr. Xia Zhi Bing, fell on his sword earlier this month and announced that he would leave the company.
BYDs stock has fallen on hard times along with BYDs income, profits are down 89% this year and share prices have fallen from a high of 85.5HKD to just 15.6HKD.