SHANGHAI - Shares of Chinese electric-vehicle makers and suppliers fell after a worse-than-expected quarterly loss for Nio Inc, the country's answer to Tesla Inc, exacerbated concerns that a bubble in the world's largest EV market may be bursting.
"People are wondering whether the company can continue to survive," said Jason Chen, an analyst from Blue Lotus Capital Advisors. Bernstein analyst Robin Zhu struck a similar tone with a report titled"Tick Tock, Tick Tock," estimating that Nio has only a few weeks of liquidity left. "The latest industry sales and pricing data have not shown improvement, prompting us to fear the anticipated recovery in industry demand in September and 4Q may prove more modest than expected," JPMorgan analysts Ryan Brinkman and Rebecca Wen wrote in a note, where they also withdrew their price target on Nio.
Li said in the statement that a target has been set to reduce global headcount to 7,800 by the end of the third quarter, from more than 9,900 in January. There will be additional restructuring and some non-core businesses will be spun off by the end of the year, he said, without elaborating.
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