Nio lays off 70 employees and closes an office in the United States

The automaker is a public company listed on the New York Stock Exchange.

A view of the front of the New York Stock Exchange leading up to the initial public offering of NIO Inc., a Chinese electric-vehicle company, New York, New York, USA, on 12 September 2018. The company, which has been compared to Tesla, is expected to raise around 1 billion USD / 860 million Euros. EPA/JUSTIN LANE

Chinese electric vehicle maker Nio has laid off 70 employees in two Silicon Valley offices since early April, The Verge reported last Thursday, citing the company’s filing with California’s Employment Development Department.

Fifty employees in Nio’s San Francisco office, which housed some of its user interface and experience teams, were let go. The office has been closed too.

The other 20 individuals who were sacked were part of Nio’s North American headquarters and R&D center in San Jose, California, which was staffed by 640 employees at the end of 2018.

To explain the cutbacks, Nio said it was optimizing management efficiency.

The automaker made a net loss of RMB 9.6 billion (USD 1.4 billion) in 2018, nearly double the net loss in 2017, which stood at RMB 5 billion.

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