Chinese manufacturer BYD, the leader in the electric vehicle market, has begun to slow down its production pace due to intense competition in the domestic market and rising inventory levels. It is reported that night shifts have been halted at some of the company's factories in China and that production is being maintained at limited capacity.
According to information obtained by Automotive News Europe from sources close to the situation, BYD has suspended night shifts at four different production facilities in China. It was also stated that production at some facilities would be maintained at only 30 percent capacity. Furthermore, new production lines previously planned by the company have been canceled for the time being.
Having sold a total of 4.27 million vehicles in 2023, BYD had realized the majority of these sales in the Chinese market. The company, which has a rapidly growing market share in Europe, is expected to reach higher sales figures this year. However, the reduction in production capacity reveals just how fierce the electric vehicle competition in China has become.
Source: tr.motor1.com
News Source: 12punto
