China's EV Maker Nio To Cut 1200 Staff By End-September

Chinese electric vehicle maker Nio Inc will reduce its workforce by 1,200 staff, a company representative told Reuters on Thursday. Nio will continue to make adjustments to its staff to achieve cost reductions and efficiency, the company representative said, adding the plan would have little impact on core operations such as R&D and user services. Nio said it would have around 7,500 staff after the cuts, which is contained in an internal memo seen by Reuters.

Nio is keen to build a production base in Beijing and will likely seek a manufacturing partner, Chief Executive Officer and founder William Li said in May after Nio said that it would form a joint venture with Beijing E-Town International Investment and Development Co Ltd, which would invest 10 billion yuan ($1.41 billion) in the new entity.