The world's largest electric vehicle manufacturer, BYD, has faced recent challenges, leading to a significant reduction in its workforce. According to the company's annual report, net profit declined for the first time last year, prompting BYD to cut its staff by approximately 10 percent to save costs. Reports 3dnews.ru.
Chinese sources indicate that BYD's total number of employees decreased by nearly 100,000, bringing the current workforce down to 870,000. The automaker attributed these layoffs to internal restructuring, business efficiency improvements, and cost reduction measures, rather than a drop in consumer demand. Despite being a market leader with strong vertical integration, BYD is forced to minimize expenses amid fierce competition in the Chinese electric vehicle market.
Last year, BYD delivered 4.6 million electric and hybrid vehicles, with about 1.05 million units exported outside of China. This marked the first time the brand's export volume surpassed the one million milestone. For the current year, the company has set an ambitious goal to export 1.5 million vehicles. Despite a 19 percent drop in net revenue, BYD maintained its research and development budget at $92 billion. Additionally, while February saw a 41 percent decline in overall market sales, this was largely due to the traditional Lunar New Year holidays.
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