The name, BYD, is short for Build Your Dreams, but these days, it’s more like a nightmare for the once-promising Chinese battery-car maker.
With sales this year off by 23%, the maker is planning to lay off as many as 2,600 workers – somewhat ironically, most of them initially coming from its sales and marketing department. Looking for a way to revive its faltering momentum, the company is exploring the possibility of moving the manufacturer up-market, it says.
The maker’s problems could cause further delays in its planned entrance into the U.S. market. Already pushed back by several years, BYD had been hoping to set up a network of stores that would not only handle the maker’s battery-cars and plug-in hybrids but also sell a mix of green technologies ranging from solar chargers to LED light bulbs.