In Depth: China’s EV Battery Boom Goes Bust

Yang Ming, an employee of CALB, China’s third-largest power battery producer, was confused and surprised by the company’s sudden pay cuts, layoffs and reduction in output.

“I don’t know what happened this year,” Yang, in his early 20s, told Caixin in mid-March. “The entire industry has few orders. Nearby factories are all laying off people, and any production line without orders may cut jobs.”