TECH - Tesla's China Rival Nio Trims Workforce By 10% Amid Intense Competition | Benzinga
Chinese electric vehicle manufacturer Nio Inc. (NYSE:NIO) is set to lay off 10% of its workforce in response to “fierce competition.”
What Happened: The layoffs are expected to be completed by November, CNBC reported on Thursday. CEO William Li communicated the decision in a letter to the employees, stating the next two years would see intense competition amid the ongoing transformation of the automotive industry.
“This is a tough but necessary decision against the fierce competition,” Li wrote, adding that the company has spent the last two months analyzing its two-year operating plan.
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Nio is concentrating on tech investments, ceasing projects that fail to contribute to financial performance within three years, and ensuring timely ...