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

Saudi PIF in discussions to invest in Chinese EV brand

November 7, 2023 9:08 AM EST

According to individuals with knowledge of the situation, the sovereign wealth fund of Saudi Arabia is currently negotiating an investment of no less than $250 million in Human Horizons Group, a Chinese electric-vehicle manufacturer.

A move supporting the kingdoms initiative to establish a local automotive sector.

The sources disclosed that the Public Investment Fund (PIF) might secure a stake in the Shanghai-based company at a valuation of $3 billion. They added that while an agreement could potentially be reached within the... More

Chinese EV upstart Nio plans to cut workforce by a tenth

November 3, 2023 5:24 AM EDT

SHANGHAI/BEIJING (Reuters) -China's Nio plans to trim its workforce by 10% this month as it moves to improve efficiency and reduce costs in the face of growing competition, the electric vehicle maker said on Friday.

Demand for EVs has weakened in China as consumers favour more economical plug-in hybrids, sales of which rose 84.5% in the first nine months of the year, helping carmakers such as Li Auto... More

NIO (NIO) to Cut 10% Of Staff Positions, May Spin Off Units - Bloomberg

November 3, 2023 5:20 AM EDT

(Updated - November 3, 2023 5:49 AM EDT)

NIO (NIO) to Cut 10% Of Staff Positions, May Spin Off Units - Bloomberg

Nio will cut 10% of staff positions in November, according to an internal letter signed by CEO William Li.Duplicate and inefficient roles will be eliminated.There were 26,763... More

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

November 2, 2023 9:50 AM EDT

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

... More

Nio (NIO) reports deliveries of 16K units in October

November 1, 2023 11:56 AM EDT

Chinese electric vehicle maker, Nio Inc. (NYSE: NIO) released their October sales report Wednesday, reportedly delivering 16,074 vehicles in the month. A 3% increase compared to last month and a 59.8% increase when compared to October of last year. The deliveries consisted of 11,086 premium smart electric SUVs,... More

NIO (NIO) Delivered 16,074 Vehicles in October 2023

November 1, 2023 5:41 AM EDT

(Updated - November 1, 2023 5:42 AM EDT)

NIO Inc. (NYSE: NIO), a pioneer and a leading company in the premium smart electric vehicle market, today announced its October 2023 delivery results.

NIO delivered 16,074 vehicles in October 2023, increasing by 59.8% year-over-year. The deliveries consisted of 11,086... More