Chinese Tesla rival Nio cuts 10% of workforce as CEO predicts 'intense competition'
Publishing timestamp: 2023-11-03 09:24:33
Summary
Nio plans to cut 10% of its workforce due to fierce competition in the Chinese electric vehicle market. The job cuts will be completed by November. The company's CEO, William Li, stated that the next two years will be a period of intense competition and uncertainty in the automotive industry. Nio is focusing on investing in technology, cutting non-performing projects, and ensuring timely release of core products. The company has been impacted by weak consumer sentiment, competition, and a price war initiated by Tesla. Despite these challenges, Nio has managed to increase its vehicle deliveries.
Sentiment: NEGATIVE
Keywords: technology, layoffs, autos, business news, breaking news: technology, nio inc,
Source: https://www.cnbc.com/2023/11/03/chinese-tesla-rival-nio-cuts-10percent-of-workforce.html