Nio Jumps over 3% as the EV Maker to Cut 10% of Staff Positions and May Spin Off Businesses

Bloomberg2023-11-03

Nio Inc. said it is cutting jobs and and may spin off non-core businesses to reduce costs and improve efficiency, as the Chinese electric-vehicle maker falls way short of its sales targets and ...

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FGP
2023-11-03
FGP
Lean and mean but continue to increase EV sales will benefit NiO's share price 👍
D1234
2023-11-03
D1234
Positive News. Thank you.

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In addition to EVs, the company’s businesses include battery and semiconductor research and development, as well as mobile phones.The decision reflects strains in China’s wider EV market, the biggest in the world, as increasingly dominant BYD Co. and the likes of Tesla Inc. squeeze out smaller players. A price war instigated by Tesla a year ago amped up the pressure, with others following by cutting prices too in a race to attract customers as sales showed signs of slowing.“This is a tough but necessary decision against the fierce competition,” Li wrote. “Our journey is a marathon on a muddy track.”Nio has a 2.1% share of the Chinese new-energy vehicle market, which includes hybrids, selling about 110,000 EVs in the first nine months of this year, way short of its annual target of 250,000. 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Thank you.&nbsp;","listText":"Positive News. Thank you.&nbsp;","text":"Positive News. Thank you.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/237436796596280","repostId":1143673654,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":18,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.2","shortVersion":"4.30.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1143673654"}