2023-11-03 14:52:51
Shanghai-based electric vehicle maker Nio will cut 10% of its staff positions in November, the company’s Chief Executive Officer William Li said. writes Bloomberg.
“This is a difficult but necessary decision in a highly competitive environment,” William Lee explained in an internal email. The company can also separate non-core enterprises into separate legal entities.
The text says that the manufacturer makes this decision to reduce costs and increase efficiency. In addition, investments in projects that do not contribute to the company’s financial performance within three years will be delayed or reduced.
The agency indicates that Nio’s share of the Chinese car market is about 2%. Since the beginning of the year, about 110,000 electric vehicles have been sold (for comparison: manufacturer BYD sold over 165,000 electric vehicles in October alone).
On September 27, Reuters, citing data from S&P Global Mobility, wrote that the American concern Tesla took first place among electric vehicle manufacturers in the first six months of this year. From January to June, Tesla sold 325,291 electric vehicles in the United States. The concern’s closest competitor was Chevrolet with its electric hatchback Bolt EV – the company took second place with a result of almost 35,000 cars.
Tesla is currently negotiating to expand into other markets. In particular, as Reuters reported citing sources, the company is discussing the construction of a battery production plant in India. In September, Turkish President Recep Tayyip Erdogan called on Tesla founder Elon Musk to build a new plant in the republic.
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