BYD says goal remains despite layoffs
Updated: 2011-09-16 13:34
By Yin Mingzhe (chinadaily.com.cn)
Layoffs are inevitable but BYD Auto Co Ltd (BYD) will achieve the goal of topping auto sales in China by 2015, Wang Chuanfu, chairman of BYD revealed on Sept 9 at a shareholders' meeting, Changsha Evening News reported Tuesday.
The net profits of BYD decreased by 88.63 percent to 273.56 million yuan ($42.76 million) in the first half of the year on a year-on-year basis, according to the financial report.
BYD said that decreasing sales scales of the traditional auto business contributed to the sliding revenue and net profit. It is expected that revenue will drop with a similar range in the third quarter.
Rumors are circulating over the internet that BYD will make large scale layoffs in its sales team and Vice President Xia Yebing's leave from the company will hinder BYD's development, according to Changsha Evening News.
An industry insider revealed that BYD recruited a large number of sales talents because of robust auto sales over the past years. It is reasonable to reduce staff when the growth of auto sales falls.
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