NIO Cutting 20 Percent of Its Staff After Dismal Q2

Despite assuming the role of one of China’s most promising electric vehicle startups, NIO is struggling. The first quarter of this year was a mess. Worried about bad publicity stemming from battery fires, NIO recalled 4,800 vehicles ⁠— more than it sold in Q1. It also endured a noteworthy sales decline, a drop in share price, sold off its Formula E racing team, and announced it would cut around 10 percent of its workforce.

The situation has not improved for Q2. According to reports from the manufacturer, losses expanded 83.1 percent from the previous year to about 3.3 billion yuan ($463 million). Despite NIO’s recent addition of the ES6 crossover, Q2 sales were down 7.9 percent from Q1 ⁠— resulting in a grand total of 3,553 deliveries. NIO now believes it will have to sheer 20 percent of its workforce to save costs.

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BMW Slays European Dragon In China And America

It’s not all blood and tears in Europe. Actually, the bloodier Europe looks, and the more Marchionne & Co do cry, the bigger the smiles at European carmakers with heavy exposure to foreign markets. The Euro is way down, and a low Euro means heavy profits from abroad – if you have business abroad. BMW sure does, and it posted its second best quarterly earnings in company history. Profit before financial result (EBIT) amounted to € 2.27 billion in the April-June 2012 quarter.

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  • 1995 SC At least you can still get one. There isn't much for Ford folks to be happy about nowadays, but the existence of the Mustang and the fact that the lessons from back in the 90s when Ford tried to kill it and replace it with the then flavor of the day seem to have been learned (the only lessons they seem to remember) are a win not only for Ford folks but for car people in general. One day my Super Coupe will pop its headgaskets (I know it will...I read it on the Internet). I hope I will still be physically up to dropping the supercharged Terminator Cobra motor into it. in all seriousness, The Mustang is a.win for car guys.
  • Lorenzo Heh. The major powers, military or economic, set up these regulators for the smaller countries - the big guys do what they want, and always have. Are the Chinese that unaware?
  • Lorenzo The original 4-Runner, by its very name, promised something different in the future. What happened?
  • Lorenzo At my age, excitement is dangerous. one thing to note: the older models being displayed are more stylish than their current versions, and the old Subaru Forester looks more utilitarian than the current version. I thought the annual model change was dead.
  • Lorenzo Well, it was never an off-roader, much less a military vehicle, so let the people with too much money play make believe.