China’s once-ballooning electric vehicle industry is showing signs of bursting after the country’s largest manufacturer reported the biggest quarterly loss since its inception, triggering massive job cuts and asset sales.
New York-listed Nio, dubbed the 'Tesla of China' by both advocates and journalists seeking a handy reference point, said it lost Rmb3.3 billion $462 million in the three months to June-end. That was 83% higher than in the same period last year and 25% higher than in the first quarter.
The five-year-old company said it will lay off another 1,100 employees to bring down its total headcount to 7,800 by the end of September. Nio,...
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