Nio to Minimize Jobs, Funding in Face of Rising Competitors

Chinese language electric-vehicle maker Nio will cut back positions this month and lower or defer some funding, strikes aimed toward boosting the upstart firm’s viability because it contends with widening losses and rising competitors.

Shanghai-based Nio will lower about 10% of positions, William Li, the corporate’s founder and chief govt wrote in an inside letter to workers seen by Dow Jones Newswires on Friday.