ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Electric cars in China

China startup Nio sheds 1,000 jobs, months after NY listing

Tesla rival suffers from cut in electric vehicle subsidies

Months after its New York initial public offering in September, Nio recalled about 4,800 ES8 SUVs in response to battery fires.   © Reuters

GUANGZHOU -- Chinese electric car maker Nio slashed its workforce by about 10% between April and August, less than a year after its New York stock market listing, amid sluggish sales compounded by sharply reduced government support.

Nio's payroll has fallen to about 8,800 people from 9,800 at the end of March, CEO William Li Bin said at a recent event in Beijing, citing a need to optimize the company's size and improve efficiency.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more