Nio layoffs 2019 are going to keep on coming as the electric car company prepares for another round.

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Here’s what to know about the layoffs coming from Nio (NYSE:NIO), which is seen as the Chinese rival to Tesla (NASDAQ:TSLA).

• These layoffs will have the company reducing its headcount by as much as 1,200 employees.
• The goal is to get its total number of employees down to 7,500 by the end of next month.
• The original details about the Nio layoffs 2019 were revealed in a leaked company memo.
• Since then, the company has confirmed that these layoffs are taking place.
• The reason given for the layoffs include controlling its spending and improving operating efficiency.
• This likely has to do with the company seeing dismal results over the last few months as its electric car deliveries falter.
• The layoffs also comes not too long after a previous round.
• That round of Nio layoffs 2019 saw the company cutting 1,000 employees from its payroll.
• Adding to this is the departure of a major executive last week.
• Jack Cheng, one of the cofounders of the company, retired.
• The reason given was his age, but it’s not a positive look for the company to have one of its cofounders leave during a time of struggle.

You can follow these links to learn more about the Nio layoffs 2019 and what they mean for the electric car company.

NIO stock was down slightly as of Thursday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.