Nio, a China-based electric automaker, said it plans to cut thousands of jobs over the next few months in an effort to control costs.
Shares of Nio, an electric carmaker that's often referred to as the"Tesla of China," saw its two-day loss extend as far as 30% after reporting a bigger-than-expected loss for the second quarter. Nio's losses amounted to more than $478 million, exceeding the $365 million loss expected by analysts surveyed by Bloomberg. The carmaker also said it plans to cut thousands of jobs.
Shares of Nio, an electric carmaker that's often referred to as the"Tesla of China," saw its two-day loss extend as far as 30% after reporting a bigger-than-expected loss for the second quarter. Nio's losses amounted to more than $478 million, exceeding the $365 million loss expected by analysts surveyed by Bloomberg. The carmaker also said it plans to cut thousands of jobs.
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