Nio

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.

The Beijing-based long-term investor’s holdings in these companies reached USD 837.2 million.

The company has reportedly laid off about 1000 staffs this year.

A cross-sector partnership.