QCOM - Why EV Giant NIO Shares Are Sliding Today | Benzinga
NIO Inc.'s (NYSE: NIO) shares are trading lower amid news reports for additional job reductions aimed at cost-cutting and enhancing efficiency.
This development comes just weeks after the company's announcement of a 10% workforce reduction, according to a news report by Bloomberg.
Certain departments have been instructed to create backup lists for layoffs, potentially expanding the initial job cuts to encompass 20% to 30% of the staff within those units, the report read.
In a letter to staff, Nio's founder and Chief Executive Officer William Li said the move was "a tough but necessary decision against ...