INSUBCONTINENT EXCLUSIVE:
Electric vehicle startup Nio is laying off 141 people at its North American headquarters
According to a filing from Employment Development Department of California, the employees at Nio’s San Jose office received notice on
December 6.Nio, whose global headquarters are in Shanghai, announced last month that it is partnering with Intel’s Mobileye to develop
autonomous vehicles for consumers
Under the agreement, Nio will engineer and produce a self-driving system designed by Mobileye.The Intel partnership was a spot of bright
news after a difficult year for Nio
Nio’s third quarter saw an uptick in sales, thanks in part to competitive pricing, but its share prices have fallen about 78% since the
end of February.The company reported losses in the first and second quarters of the year, and, in June, voluntarily recalled 5,000 of its
ES8 electric SUVs after battery fires in China, impacting its production and delivery
CEO William Li said during the company’s earnings report in September that it would implement cost-cutting measures, including reducing
its workforce from 9,900 people down to 7,800 by the end of the third quarter
Nio has offices in 11 cities, including Beijing, London and Munich.
