EV maker Nio considers more job cuts after shedding 10% staff – Bloomberg News
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Chinese electric vehicle (EV) maker Nio Inc may undertake further job cuts after the company announced plans to cut 10 per cent of its workforce last month, Bloomberg News reported on Thursday, citing people familiar with the matter.
Some departments were asked to prepare reserve lay-off lists, which may widen the original dismissals to 20 per cent to 30 per cent within the unit, according to the report.
The cuts would apply mainly to non-core businesses or ones that would not generate quick returns or require heavy investment, the report added.
Nio did not immediately respond to a Reuters request for comment.
The additional cuts come after Nio said in November that it planned to eliminate 10 per cent of its jobs, as it moves to improve efficiency and reduce costs in the face of growing competition.
Demand for EVs has weakened in China as consumers favour more economical plug-in hybrids.
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