This Chinese car brand is laying off 10 percent of its employees

At the beginning of October we wrote that Nio was losing around 33,000 euros per car sold. This is now apparently starting to hurt, as the Chinese brand has decided to lay off staff.

And big too. Nio is laying off 10 percent of its employees. This is intended to reduce costs and increase efficiency, according to the company.

Growing competition for Nio

Nio currently employs around 11,000 people, but will reduce this number to under 10,000 in the coming weeks.

In an email to employees, they said they were facing increasing competition in the Chinese market. In addition, demand for electric vehicles is also falling in China and electric manufacturers are suffering from the price war triggered by Tesla.

Nio sold almost 110,000 cars in the first nine months of 2023. This is an increase of 33.4 percent compared to the same period last year.

Investments were also postponed

In order to significantly reduce costs, Nio is not only cutting jobs, but also postponing investments. The company is also considering working with retailers in Europe. The manufacturer currently sells its cars through its own stores.

Increasing sales in the Netherlands

By the way, also in the Netherlands. The brand has bought the old Peugeot experience center on the A2 near Breukelen. Car sales are not progressing so quickly yet. Last year the brand managed to sell 52 electric vehicles. There have been 189 so far in 2023.