The Chinese EV maker is about to lay off 10% of its workforce, according to Reuters. It could have implications for Tesla and other EV peers.
Electric vehicle investors got some concerning news about NIO Friday. It could have implications for Tesla and other EV peers. It might not. It will take investors a while to figure it all out.
Demand doesn’t seem to be the issue. Sales of battery electric vehicles, or BEVs, are up about 20% year over year in China. In recent months, BEVs have accounted for almost 25% of all vehicles sold. NIO stock has been on a nice run this week. Shares surged 4.6% Thursday on an up day for the market. The Nasdaq Composite gained 1.8%. That NIO gain came after a 2.1% jump on Wednesday after the company reported 16,074 units delivered in October.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First Tesla Model 3 ‘Highland’ Owners Say It’s Comfy, But Tesla Vision Is ‘Rubbish'People took to Reddit to describe their experience with the updated 2024 Tesla Model 3 Highland.
Read more »
First Tesla Model 3 ‘Highland’ Owners Say It’s Comfy, But Tesla Vision Is ‘Rubbish'People took to Reddit to describe their experience with the updated 2024 Tesla Model 3 Highland.
Read more »
Bloom Energy trims dozens more jobs, Bay Area layoffs now top 100Bloom Energy has revealed plans to trim dozens more jobs in the Bay Area.
Read more »
Maersk to Cut 10,000 Jobs as Shipping-Industry Boom EndsShipping giant swings from bumper profits to layoffs as demand for seaborne trade weakens
Read more »
Layoffs at Maersk hit 10,000 as pandemic shipping boom turns to bustShipping giant Maersk is laying off thousands more workers as weak demand and lower freight prices pummel its revenues — a sign the pandemic-driven boom in shipping is turning to bust.
Read more »
Bungie plots Destiny 2: The Final Shape overhaul in wake of mass layoffsAfter a mass layoff earlier this week, Bungie now says it has a bigger, bolder vision for Destiny 2: The Final Shape.
Read more »