Chinese EV upstart Nio plans to cut workforce by a tenth
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Saudi PIF in discussions to invest in Chinese EV brand
November 7, 2023 9:08 AM ESTAccording to individuals with knowledge of the situation, the sovereign wealth fund of Saudi Arabia is currently negotiating an investment of no less than $250 million in Human Horizons Group, a Chinese electric-vehicle manufacturer.
A move supporting the kingdoms initiative to establish a local automotive sector.
The sources disclosed that the Public Investment Fund (PIF) might secure a stake in the Shanghai-based company at a valuation of $3 billion. They added that while an agreement could potentially be reached within the... More
Nio (NIO) shares rise as CEO says company will cut 10% of staff
November 3, 2023 8:07 AM EDTShares of electric vehicle company, Nio Inc. (NYSE: NIO) are up by more than 2% in pre-market trading Friday morning after the Chinese automaker revealed in a letter to workers that they would be cutting 10% of staff positions.
According to the letter, signed by CEO William Li, Duplicate and inefficient roles will be cut, and project investment that are not expected to contribute to the company's financial performance within the next three years will also be... More
