Shares of electric-car maker Nio tumble toward all-time low
Shares of Nio Inc. NIO, +0.00% tumbled 18% toward a record low in active premarket trading Monday, after the Shanghai-based electric car maker reported wider losses, declining revenue and said it plans to cut about 2,100 jobs, and cancelled its post-earnings conference call. Trading volume topped 2.4 million shares, making the stock the most actively traded ahead of the open. The net loss for the second quarter ended June 30 was RMB3.29 billion , compared with a loss of RMB2.
Gross margin was negative 33.4%, after negative 13.4% in the first quarter. Deliveries totaled 837 vehicles in July and 1,943 vehicles in August. The company said it plans to cut its workforce to around 7,800 by the end of the third quarter from over 9,900 in January 2019.
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