BYD makes massive staff cut

Gasgoo.com (Shanghai August 30) - BYD made a massive employee cutback yesterday, with nearly 70 percent of the staff at its subsidiary sales company being laid off, Economic Observer News reported today. The remainder of staff in that company's sales department will resign by the end of September. Further cuts may be made in the near future.

The news has been confirmed by many sources within the company, however there is no clear quote on the exact number of staff laid off. According to one company contact, the sales subsidiary has seen its staff cut by 1,000 employees. Attempts to get in contact with company Vice President Wang Jianjun have met without success.

BYD has seen its stock fall from 85.50 Hong Kong dollars ($10.96) to 15.60 Hong Kong dollars ($2.001).