Nio, the Chinese electric car maker, has reined in losses but still faces a potentially crippling cash crunch, as the world’s largest fuel-replacement vehicle market struggles with a deepening downturn.
Nio’s extensive cost-cutting measures, including staff lay-offs, a sell-off of key businesses and reduction of marketing, pared net losses to Rmb2,521.7m ($352.8m) for the third quarter, a drop of 23 per cent compared with the second quarter.
William Li, chief executive, said the company had faced a soft market over the quarter due to the reduction of electric vehicles subsidies in China. The company expects 8,000 vehicles to be delivered in the fourth quarter, bringing total aggregate deliveries in 2019 to more than 20,300.
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