Nio layoffs 2019 are going to keep on coming as the electric car company prepares for another round.
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- 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.
NIO stock was down slightly as of Thursday afternoon.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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