Chinese EV darling Nio to cut 10% staff amid ‘fierce competition’

TechCrunch
By Rita LiaoNov 3, 2023, 6:55 am232 pts
Nio, the Chinese carmaker known for its sleek, premium electric SUVs, has started a new round of layoffs as intense competition propels it to cut costs and regroup resources. In an internal letter seen by TechCrunch on Friday, Nio’s CEO William Li says the company is expected to reduce “around 10%” of its…

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