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China EV Startup Nio Plans New Staff Cuts
Chinese electric car startup Nio Ltd. confirms the company will launch a new round of staff cuts but is unclear about the magnitude.
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Chinese electric car startup Nio Ltd. confirms the company will launch a new round of staff cuts but is unclear about the magnitude.
The Financial Times says Nio confirmed it plans to shed 1,000 jobs, or 10% of its workforce, this year. But President Qin Lihong tells Bloomberg News the size hasn’t been decided.
FT also says Nio co-founder Jack Cheng left the company yesterday. He is the latest among several high-level officials who have quit recently, including the company’s head of software and the marketing chiefs for the U.K. and U.S.
Launched as NextEV at the end of 2014, Nio has been described as a Chinese version of Tesla Inc. Last year the company was valued at $6.4 billion after a $1 billion initial public offering in the U.S. and some $3.9 billion in additional funding.
But the Nio’s losses in 2018 jumped 90% to 9.6 billion yuan ($1.4 billion). The company posted a $390 million operating loss in the first quarter as sales fell to 4,000 cars. Nio canceled plans for a factory in Shanghai and told FT it had eliminated 300 jobs earlier this year.
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