Nio’s stock up 3.3% premarket on reports EV company to cut 10% of its workforce this month

Nio Inc.’s stock NIO, +4.56% rose 3.3% early Friday, after reports that the Chinese electric vehicle company is planning to cut 10% of its workforce this month. The move aims to improve efficiency and cut costs in the face of growing competition, Reuters reported, citing an email sent to Nio’s staff. “We still have a gap between our overall performance and expectations,” said the email, adding that it needed to improve efficiency and ensure adequate resources.

” Nio had 26,763 full-time employees as of Dec. 31, 2022, according to its annual report filing with the SEC. .Nio earlier this week reported October vehicle deliveries that rose nearly 60% from a year ago, but its rivals reported much stronger growth. Nio said it delivered 16,074 EVs in October, up 59.8% from the 10,079 vehicles delivered in the same period a year ago. The deliveries included 11,086 electric sport-utility vehicles and 4,988 electric sedans.

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