Popular stocks with increasing volume: PYPL ROKU SOFI SHOP C NIO

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Nio (NIO) shares rise as CEO says company will cut 10% of staff

November 3, 2023 8:07 AM EDT

Shares of electric vehicle company, Nio Inc. (NYSE: NIO) are up by more than 2% in pre-market trading Friday morning after the Chinese automaker revealed in a letter to workers that they would be cutting 10% of staff positions.

According to the letter, signed by CEO William Li, Duplicate and inefficient roles will be cut, and project investment that are not expected to contribute to the company's financial performance within the next three years will also be... More