EV maker Nio struggles to grow as Tesla delivers first China-made cars

Nio has been a darling of China’s fledgling EV market for a few years, but it appears to be facing an uncertain future. The company has reported third quarter results that saw it sell 4,799 cars, 4,196 of them being the more affordable ES6 SUV — a significant improvement over earlier quarters, but not what you’d call earth-shattering. And while it’s trimming costs through staff cuts and smaller stores, it still lost the equivalent of $352.8 million the three-month span. The company warned that it didn’t have enough cash for “continuous operation in the next 12 months” without either taking on more debt or landing new investments.

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