TECH - Chinese EV Maker Nio Contemplates Further Layoffs Amid Financial Troubles | Benzinga
In the face of financial hardships, Nio Inc., a Chinese electric vehicle (EV) manufacturer, is reportedly deliberating additional layoffs, following a recent cut of 10% of its workforce.
What Happened: Bloomberg reported that inside sources have revealed Nio’s contemplation of extra job cuts as a measure to trim costs and boost performance efficiency. Some divisions within the company have been asked to brace for potential layoffs, which could increase the initial dismissal figures to a range of 20%-30% within the affected departments.
The proposed job cuts would primarily target non-core businesses or those that require significant investments without promising quick returns. On the other hand, Nio’s core business areas, such as sales, are still in the hiring process.
Why That Matters: Despite being a former luminary in the Chinese EV market, Nio has been unable to reach ...