BYD Co Ltd (OTC:BYDDY) (OTC BYDDF), the Chinese electric vehicle (EV) leader, has reportedly cut back on production at its Chinese facilities due to concerns over profitability, slowing sales, and rising inventory levels.
What Happened: BYD has reduced shifts at some of its Chinese factories and halted plans to install new production lines, Reuters reported. This move indicates a potential slowdown in BYD’s rapid sales growth, which had previously allowed it to surpass Tesla Inc. (NASDAQ:TSLA) as the world’s largest EV manufacturer.
