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Chinese EV Maker Nio to Cut 10% of Staff Positions and May Spin Off Businesses
- Chief Executive Officer William Li tells staff in memo Friday
- Shanghai-based Nio’s loss bigger than expected in last quarter
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Nio Inc. said it is cutting jobs and may spin off non-core businesses to reduce costs and improve efficiency, as the Chinese electric-vehicle maker falls way short of its sales targets and continues to post losses.
Shanghai-based Nio will cut 10% of staff positions in November, according to an internal letter signed by founder and Chief Executive Officer William Li seen Friday by Bloomberg News. “Duplicate” and “inefficient” roles will be eliminated, and project investment that won’t contribute to the company’s financial performance within three years will be deferred or cut, Li said.