Chinese electric carmaker Nio has been forced to raise $200m from its chief executive and one of its leading shareholders, Tencent, after a disastrous quarter that saw losses deepen and the business haemorrhage cash.
Recall costs of thousands of vehicles over battery concerns and sliding sales pushed the group to a Rmb3.3bn ($478.6m) net loss in the three months to June, sending US-listed shares down 10.5 per cent in pre-trading on Tuesday.
Chief executive William Li said the group will have to cut 2,000 of its roughly 10,000 staff and sell off noncore businesses by the end of the year in an attempt to rein in cash as the company edges close to collapse.
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