BYD To Cut Sales Staff By Up To 70% After 1st Half Profit Plunge

Date:2011-08-31     Source:yangshujielile  Text Size:

SHANGHAI -(Dow Jones)- Chinese battery and car maker BYD Co. (01211.HK) will cut its sales staff by up to 70% after earlier posting a plunge in first-half net profit, the Economic Observer reported Tuesday, citing unnamed employees at BYD.

The company will begin by eliminating 1,000 sales positions, and expects to reduce its sales staff headcount to 800 by the end of September from 2,600 at present, the report said. Other departments at BYD could also face cuts, it added.

The planned staff cuts follow BYD's announcement last week that its net profit dived 88.6% in the first half due mainly to a 23.4% drop in car sales to 220,131 units. The company said it expects sales to remain slow in the second half amid weak consumer confidence.

The semi-official China Association of Automobile Manufacturers earlier said nationwide passenger vehicle sales grew 5.8% to 7.11 million units in the first six months.


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