Electric vehicle startup Nio is laying off 141 individuals at its North American headquarters. According to a submitting from Employment Development Department of California, the employees at its San Jose workplace obtained discover on December 6.
Nio, whose world headquarters are in Shanghai, introduced final month that it’s partnering with Intel’s Mobileye to develop autonomous autos for shoppers. Under the settlement, Nio will engineer and produce a self-driving system designed by Mobileye.
The Intel partnership was a spot of vivid information after a troublesome yr for Nio. Nio’s third quarter noticed an uptick in gross sales, thanks partly to aggressive pricing, however its share costs have fallen about 78% for the reason that finish of February.
The firm reported losses within the first and second quarters of the yr and in June, voluntarily recalled 5,000 of its ES8 electrical SUVs after battery fires in China, impacting its manufacturing and supply. CEO William Li stated in the course of the firm’s earnings report in September that it could implement cost-cutting measures, together with decreasing its workforce from 9,900 individuals right down to 7,800 by the top of the third quarter. Nio has workplaces in 11 cities, together with Beijing, London and Munich.