NIO

Souces from Huzhou government also denied a rumored framework agreement signed between the two.

Chinese EV makers set sight on state-owned capitals.

China’s answer to Tesla saw its shares plunging to a record low after the announcement.

Nio has only fulfilled less than 30% of its annual sales target.

The Chinese auto maker, which is to further reduce 1,200 people, will welcome Zhang Lei in September.

Issues discovered include substandard quality, insufficient electrical insulation, and a lack of maintenance.

The company has already laid off about 1,000 people this year.

Both companies are seeking ways to cut costs.