Chinese electric carmaker NIO Inc (NYSE:NIO) is struggling after the company reported a wider-than-expected loss in Q2 as well as several layoffs in late September. NIO stock has lost 60% since September 20.
Disappointing Q2 ResultsNIO’s gross margin was -33.4% relative to the first quarter when it was -13.4%. Vehicle deliveries declined from 3,989 in Q1 to around 3,553 units.
NIO has indicated that it is planning to cut its headcount to 7,800 from 9,000 as it also explores spinning off some of its non-core businesses. The company CEO William Bin Li said ...
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