EV maker Nio considers more job cuts after shedding 10% staff - Bloomberg News
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The logo of NIO is pictured on the NIO House, the showroom of the Chinese premium smart electric vehicle manufacture NIO Inc. in Berlin, Germany August 17, 2023. REUTERS/Annegret Hilse/File Photo
(Reuters) - Chinese electric vehicle (EV) maker Nio Inc may undertake further job cuts after the company announced plans to cut 10% 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% to 30% 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% 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.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Rashmi Aich)
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