Nio is preparing to reduce its staff by 10% - Bloomberg Stock fell 19.11% YTD

$NIO Inc(NIO.US)$ The article reported that Nio is preparing to reduce its staff by 10%, according to reports from Bloomberg on Friday, November 3.

This is another sign that the company is making losses and cutting cost. Read related articles:
Further weakness as NIO drops 11% this week, taking three-year losses to 71%

Quote:
The layoffs are expected to be complete by the end of the month and are reportedly part of the ongoing efforts to boost efficiency within the company. Per the company’s CEO, William Li, the staff reduction is mainly focused on removing redundancies in the firm.
The EV maker’s stock has offered lackluster performance since January 1. It saw a notable rise during the summer months but has been on a decisive decline since. Overall, the company’s shares are down a worrying 19.11% year-to-date (YTD).

Source: Finbold

Source:

Nio stock price prediction as it plans 10% staff cut - Finbold

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