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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.
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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.
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