TSLA - BYD reportedly reduces shifts at multiple plants

2023-03-21 06:52:56 ET

BYD Company ( OTCPK:BYDDY ) is reportedly cutting hours at two assembly plants amid slowing demand in the world’s largest EV market.

Citing people familiar with the matter, Reuters reported on Tuesday that plants in both Xian and Shenzhen are reducing hours. Workers at the former plant were apparently told in an internal memo to reduce the work week to four, 16-hour days worked in two 8-hour shifts. Meanwhile, the work week in Shenzhen was reduced to two shifts per day from a prior round-the-clock three shift operation. The sources indicated that the production pullback was enacted in response to weakening demand.

Tesla ( TSLA ), the second largest EV manufacturer in the world behind BYD, recently paused its production in Shanghai amid factory upgrades. Tesla had previously paused production to start 2023 as well .

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