China’s Nio has been hit by weak consumer sentiment in the world’s second-largest economy, stiff competition and a price war started by Elon…
Chinese electric carmaker Nio plans to cut 10% of its workforce amid"fierce competition," CEO William Li said Friday.Like many Chinese electric vehicle startups, Nio has been hit by weak consumer sentiment in the world's second-largest economy, stiff competition and a price war kicked off by Elon Musk's Tesla.
Chinese electric carmaker Nio plans to cut 10% of its workforce amid"fierce competition," CEO William Li said Friday."The coming two years will witness the most intense competition during the transformation of the automotive industry in an environment full of uncertainty," Li told employees in a letter seen by CNBC.
The company is focusing on investing in tech, cutting projects that don't contribute to the financial performance in three years and ensuring the Nio's core products are released on time, Li said. "I'm sorry to colleagues who may be impacted by the adjustments. This is a tough but necessary decision against the fierce competition."Like many Chinese electric vehicle startups, Nio has been hit by weak consumer sentiment in the world's second-largest economy, stiff competition and a price war kicked off by Elon Musk's Tesla.
Musk's automaker began cutting the prices of its cars in China last year to stoke demand, forcing rivals to do the same. Nio first resisted any price declines, but ultimately carried one out in June.Li penned a rallying cry at the end of his letter to employees."Our journey is a marathon on a muddy track. Please stay focused on efficient execution and improvement of system capabilities. Power up.
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