Hyperdrive
EV Maker Nio Considers More Job Cuts After Shedding 10% of Staff
- Unprofitable carmaker looking for further savings, people say
- Nio’s vehicle sales have fallen well short of internal targets
A Nio Inc. showroom in Beijing.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Unprofitable Chinese electric carmaker Nio Inc. may undertake further job cuts to reduce costs and improve efficiency, people familiar with the matter said, just weeks after the company announced plans to eliminate 10% of its workforce.
Some departments were asked to prepare reserve lay-off lists, which may widen the original dismissals to 20% to 30% within the unit, some of the people said, asking not to be identified because the deliberations are ongoing and aren’t public.