Chinese EV Maker Nio to Lay Off Staff as It Eyes More Affordable US Market Entry by 2025
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Nio, a top Tesla competitor in China, is laying off 10% of staff this month as part of a reorganization.
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The reorganization comes as Nio eyes entering the US EV market by 2025.
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There may be an opening in the US for cheaper EVs like Nio's.
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Nio plans to enter with a model priced around $27,844, much less than the US EV average.
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At the Shanghai Auto Show, experts said Chinese companies like Nio are positioned to compete in the US with more affordable EVs.