Chinese leading EV carmaker Nio has implemented layoffs across its terminal sales team, UR Fellow department (after-sales service), Nio House, and after-sales outlets. The cuts reportedly affect about 10% of staff, though regional differences vary. In Shanghai, the UR Fellow team reduced around 10% of its 80-member staff, while the Shenzhen team saw a 50% reduction. The layoff process was swift, with some employees completing their exit process within 20 minutes after accepting the “n+1” severance package. The move follows Nio’s declining sales. In February, the company delivered 13,192 vehicles, down from 13,863 in January. Nio’s Q3 2024 financial report showed a net loss of 5.06 billion RMB ($700 million), bringing its cumulative losses since 2018 to over 80 billion RMB ($11 billion).