The loss-making Chinese electric car manufacturer Nio is cutting 10 percent of jobs and cutting investments. Because of growing competition, the company needs to increase efficiency and reduce costs, Nio said. “This is a tough but necessary decision given the tough competition,” Nio wrote to employees in an email obtained by Reuters. The job cuts should be completed in November. Nio is also cutting long-term investments. Projects that do not contribute to the result within three years would be postponed or canceled.
Manager Magazine recently reported on the False start reported by the car manufacturer in Europe
. Sales figures have so far been modest, with a market share of less than 0.1 percent, even among attackers who are generally still struggling China one of the weakest values. Germany-Boss Ralph Kranz (51), who has been traveling through the Republic for 19 months to make Nio known, now had to leave. In addition, Nio is apparently making a change in sales and also wants to get retailers on board.
In China, demand for electric cars had also weakened as consumers preferred cheaper plug-in hybrids. At the same time, the from Tesla The price war instigated hurts car manufacturers in the highly competitive market.
Nio most recently operated six branches in Germany, Norway, Sweden, Denmark and the Netherlands. There were 137 “Nio Houses” worldwide, as the branches in central urban locations are called.