Smart and Sustainable Electric Mobility
At the end of February, Li's stake in Nio was 10.5 percent, with 44.2 percent of the voting rights. CYVN will hold a 20.1 percent stake in Nio after its latest investment.
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Edison Yu's team believes that Nio can cut costs in five areas: battery cells, chip development, battery swap, dealer network, and phone.
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A report earlier today said some of Nio's departments were asked to prepare reserve lists of layoffs, which may widen the original dismissals to 20 percent to 30 percent.
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Wen Yonggang, Professor and Chair of the School of Computer Science and Engineering at Nanyang Technological University, Singapore, has been appointed as a new independent director of Nio.
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Alps is rumored to no longer be a standalone program, with the team's personnel assigned to various Nio divisions and some positions cut.
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"While management still has a long way to go in restoring creditability among investors, this should be viewed as a meaningful step in the right direction," Edison Yu's team said.
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Most of Nio's businesses will see layoffs, with the battery and phone businesses likely to be adjusted the most, according to local media.
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Nio said it will improve resource efficiency and defer or cut investments in projects that do not contribute to the company's financial performance in three years.
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Nio had 26,763 full-time employees at the end of 2022, including 26,366 in China and 397 overseas.
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Local media outlet 36kr has published an excellent story today that sheds light on why Nio is periodically in trouble and how it defuses its challenges.
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