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Nio Layoffs 2019: 11 Things to Know About the Upcoming Job Cuts

Nio layoffs 2019 are going to keep on coming as the electric car company prepares for another round.

Nio Layoffs 2019: 11 Things to Know About the Upcoming Job Cuts
Nio Layoffs 2019: 11 Things to Know About the Upcoming Job Cuts

Source: THINK A / Shutterstock.com

Here’s what to know about the layoffs coming from Nio (NYSE:NIO), which is seen as the Chinese rival to Tesla (NASDAQ:TSLA).

  • These layoffs will have the company reducing its headcount by as much as 1,200 employees.

  • The goal is to get its total number of employees down to 7,500 by the end of next month.

  • The original details about the Nio layoffs 2019 were revealed in a leaked company memo.

  • Since then, the company has confirmed that these layoffs are taking place.

  • The reason given for the layoffs include controlling its spending and improving operating efficiency.

  • This likely has to do with the company seeing dismal results over the last few months as its electric car deliveries falter.

  • The layoffs also comes not too long after a previous round.

  • That round of Nio layoffs 2019 saw the company cutting 1,000 employees from its payroll.

  • Adding to this is the departure of a major executive last week.

  • Jack Cheng, one of the cofounders of the company, retired.

  • The reason given was his age, but it’s not a positive look for the company to have one of its cofounders leave during a time of struggle.

You can follow these links to learn more about the Nio layoffs 2019 and what they mean for the electric car company.

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

NIO stock was down slightly as of Thursday afternoon.

More From InvestorPlace

As of this writing, William White did not hold a position in any of the aforementioned securities.

The post Nio Layoffs 2019: 11 Things to Know About the Upcoming Job Cuts appeared first on InvestorPlace.

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