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Companies

'China's Tesla' NIO slashes thousands of jobs as losses mount

Electric vehicle startup to raise $200m from chairman and Tencent

NIO's EP9 sports car: The Chinese company has lost nearly 80% of its market capitalization since its listing. (Photo courtesy of NIO)

NEW YORK -- Chinese electric vehicle maker NIO said it will lay off another 1,000 employees Tuesday, after reporting heavy losses, adding to growing uncertainty around the startup's future.

The New York-listed company's new round of restructuring will be conducted by the end of the third quarter. The Shanghai-based startup had already cut down from a staff of 9,100 in January to around 8,800 in August and shut down an office in Silicon Valley.

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