BYD to increase production
Fresh off the back of posting an 11.5 per cent increase in its third-quarter net profit, BYD says it will boost car production by 200,000 units.
The Chinese company has also announced it will be adding 200,000 new employees in vehicle manufacturing and components.
Back in September, BYD said it had increased its workforce to more than 900,000 people as the Chinese government intensifies its push towards job creation to offset a faltering economy,
To put that in perspective, Toyota and Volkswagen, the planet’s top two carmakers, employ a little about one million people between them globally.
BYD has been expanding into Europe and across Asia, and is hot on the heels of Tesla for the title of world’s biggest EV seller.
That said, the company also faces growing competition from other marques in its domestic market.
Geely, for example, has just unveiled its latest hybrid technology in China, which boasts better fuel economy and driving-range figures than that sold by market leader BYD.
