Mexican Media Brands
EV Maker Nio Cuts 1,000 Jobs as Sales Slide
Shanghai-based Nio Ltd. has eliminated 10% of its workforce, shedding 1,000 jobs as demand for its electric vehicles falls.
#hybrid #workforcedevelopment
Share
Shanghai-based Nio Ltd. has eliminated 10% of its workforce, shedding 1,000 jobs as demand for its electric vehicles falls.
The company confirmed last week that it was trimming its staff but provided no specifics. Last week company founder Jack Cheng also left the company.
The Nikkei notes that Nio’s staff reductions, which began in April, started only eight months after the 4-year-old startup raised $1 billion in an initial public offering on the New York Stock Exchange.
But Nio’s sales have been declining since January. The pace accelerated as China’s central government reduced incentives by 50% in June. Demand was further damaged In July because of a highly publicized recall of 4,800 of the Nio ES8 crossover vehicle (pictured) after reports of battery fires.
ES8 sales have skidded from 8,000 in last year’s fourth quarter to 7,000 through the first half of 2019, The Nikkei says. Nio is often described as China’s version of Tesla Inc.
RELATED CONTENT
-
Electric Motors for Aero and Auto
Rolls-Royce—the manufacturer of aircraft engines, not the one that makes high-end vehicles with four wheels—is working with another British company, YASA, on the development of the ACCEL, an electric airplane.
-
Mahindra Automotive in America
Rick Haas has an impressive automotive resume, having held positions at Ford and Tesla and currently as the president and CEO of Mahindra Automotive North America.
-
EV Truck & SUV That Aren’t Rivian
A closer look at what Bollinger Motors is developing