On August 22, a number of employees from NIO, a Chinese electric vehicle company, confirmed to media that the company issued an internal letter stating that it will continue with layoffs. The letter reveals that NIO is planning to retain 7,500 people by the end of September.
On Aug. 13, Chinese EV maker NIO saw its stock close at $3.05, down 2.56%, a day before the company released its July delivery data indicating that only 837 new vehicles were delivered, slumping 37.5% from the previous month.
NIO is seeking a deal with investors that would be willing to finance its spin-off NIO Power. The new project is an effort to stay afloat amid fierce competition from local rivals.
Imagine driving in a heavily trafficked Beijing, passing Tiananmen square when you get a notification that your sleek NIO electric car needs to upgrade.