Chinese EV startup NIO revealed it will trim staff positions by 10% this month to improve profitability. NIO’s CEO, William Li, announced the news in an internal memo Friday, citing “fierce competition” in the EV market.
According to the memo, reviewed by Bloomberg, NIO will trim its staff by 10% in November. Li said “duplicate” and other “inefficient” roles will be cut.
In addition, any projects that aren’t expected to generate earnings within the next three years will be put off or cut altogether.
The news comes as the EV price war in China intensifies. Market leaders in China, including BYD and Tesla, have slashed prices all year, pressuring others to do the same.
NIO cut prices by $4,200 (30,000 yuan) in June to keep pace in the world’s largest EV market.
The move came after NIO faced falling vehicle deliveries, margins, and profits as losses swelled in the second quarter. NIO’s losses widened to $835 million in Q2, up 119% compared to last year. Gross margins also fell to 1% compared to 13% in 2022.
NIO continues rolling out new products (like a smartphone) while expanding into new markets, which is driving up costs. With the launch of the new ES6 and EC6 this year, all NIO models have now transitioned to its next-gen 2.0 platform.
NIO new ES6 (Source: NIO)
NIO to trim staff amid intensifying EV competition
“This is a tough but necessary decision against fierce competition,” Li explained in the memo Friday. He said, “Our journey is a marathon on a muddy track.”
Li apologized to the staff affected, saying to “qualify for the next round of competition,” the company needs to become more efficient.
NIO has delivered 126,067 vehicles YTD (+36% YOY), accounting for roughly 2.1% of China’s new energy vehicle market (including hybrids).
NIO EC7 (Source: NIO)
Meanwhile, BYD sold over 165,000 EVs this past month alone. The market leader posted record profits of $1.42 billion in the third quarter despite the ongoing price war in China.
After announcing a $1 billion convertible debt offering in September, NIO said it would use the funds to “further strengthen its balance sheet as well as for general purposes.” At the end of June, NIO had around $1.9 billion in cash and equivalents.
NIO stock chart over the past two years (Source: TradingView)
NIO stock has been stuck in a downtrend since peaking in January 2021. NIO shares are up 5% following the news Friday but are still down 20% over the past 12 months.
Electrek’s Take
The pressure in the world’s largest EV market is building as market leaders BYD and Tesla squeeze rivals out of the segment.
China has already claimed several victims as lower-priced EVs make it tough for other automakers to keep pace. BYD started as a battery company, giving it a significant advantage as it expands the brand globally.
Smaller automakers, including NIO, are adapting to the changing market conditions. The next few months will be critical as EV makers look to establish their place in the market.
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Anker’s SOLIX Fan Fest Sale increases savings on power stations as high as 63% with deals starting from $120
Anker has launched its SOLIX Fan Fest Sale running through September 21, with up to 63% discounts on its massive power station and accessory lineup – which is an increase from the brand’s Labor Day event. Alongside the low prices we spotted on the EverFrost 2 electric coolers, as well as the launch deals on the new C1000 Gen 2 station, we also noticed the brand’s other recent release, the SOLIX F3000 Portable Power Station dropping to $1,649 shipped during this sale, which sits $1 under Amazon’s pricing. It fetches $2,599 at full price, with discounts having mostly gone as low as $1,699, unless the sales offered bonus savings that saw the cost drop to $1,614 or the one-time $1,599 rate we saw during Prime Day. The deal here is the third-best we have tracked, saving you $950 off the going rate and bringing you one of the latest, upgraded backup power solutions from the Anker flag.
Unlike the new C1000 Gen 2 station, which is a more compact backup option, Anker’s SOLIX F3000 power station brings a whole lot more punch to its game, as it starts with a 3,072Wh LiFePO4 battery capacity that can expand up to 24kWh with investments into the compatible expansion batteries (bundles available below). There are 11 output ports to connect devices/appliances (including a TT-30R AC port for RV backup), which will receive up to 3,600W of power that can be doubled to 7,200W when two stations are connected together.
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One of the SOLIX F3000 power station’s notable upgraded features is the addition of passthrough charging, which it can receive from a generator for up to 3,600W of input, bringing extra versatility to emergency power failures. You’ll also have to options to plug into a standard AC outlet or even charge from an EV. There’s also the max 2,400W solar input that can have it fully recharged in under two hours with optimal sunlight.
***Note: Some of these power stations – particularly the F3800 models, which also get free protective covers – have automatic 5% extra savings that will be added in your cart. Those differences have not been factored in to bracket prices.
Tenways End of Season Sale drops 37-pound CGO600 Pro e-bikes to $1,599 with $217 in FREE gear ($2,116 value)
Tenways is continuing most of its Labor Day savings within its newly launched End of Season Sale, which is taking up to $500 off select e-bikes, while also offering an additional $200 discount when buying two. Among the lineup, Tenways’ popular CGO600 Pro Lightweight Commuter e-bikes (both the chain-drive and belt-drive variants) are dropping back down to $1,599 shipped, while also coming with $118 in free gear and a complimentary gift box (a $99 value). Coming down off its $1,899 full tag price, things have been taken lower in the past, though since March we’ve been seeing tariff hikes keep the price up at $1,599, with occasional falls lower to $1,499. You’re still getting a solid $517 savings package with this deal, not to mention the additional savings you can get buying two together and/or verifying your status as a medical provider, first responder, teacher, or military member (giving you an extra $150 off).
Bluetti’s new Elite 30 V2 power station bundled with a carrying case gets first discount to $259, more from $219
Through its official Amazon storefront, Bluetti is offering the first chance at savings on its new Elite 30 V2 Portable Power Station bundled with a carrying bag at $259 shipped, after clipping the on-page $140 off coupon, which is unavailable directly from the brand’s website and has no option to buy the bag separately. This bundle package just hit Amazon five days ago, carrying a $399 price tag, with today’s deal being a first-ever chance to save on it. All-in-all, you’re getting $140 in total savings that sets the bar for future discounts down the road.
Grab EGO’s carbon fiber telescopic pole saw with an LED guide light and 2.5Ah battery at its $299 low
Amazon is offering the EGO Power+ 56V 10-inch Cordless Carbon Fiber Telescopic LED Cut Line Indicator Pole Saw with 2.5Ah battery at $299 shipped. It’s been recently fetching around $389 at full price, with the discounts we’ve seen this year having dropped the costs to this same low rate twice before. It’s coming back around for a $90 markdown, letting you expand your outdoor arsenal at the best price we have tracked.
EGO’s modular Nexus power station with two 7.5Ah batteries can also refuel your arsenal at $899
At Amazon, you can currently find the EGO Power+ Nexus Portable Power Station with two 7.5Ah batteries at $899 shipped. This bundled package usually runs for $1,099 without discounts, which we’ve mostly seen keeping down near $999 with discounts. While these drops to $899 are usually rare sightings, the price has been holding out strong since mid-August, with no telling how much longer it may last. Aside from the $838 low we saw once back during Black Friday, you’re otherwise looking at the best tracked price, which saves you $200 off the going rate. If you already have a collection of EGO ARC batteries, you can pick the station up on its own for $593.
Greenworks’ framed 1,900 PSI electric pressure washer back at $120 while the 12-inch cleaner attachment is at $23 (Today only)
As part of its Deals of the Day, Best Buy is offering the Greenworks 1,900 PSI Electric Framed Pressure Washer at $119.99 shipped (currently unavailable on Amazon and beating the brand’s direct website by $30), which is running parallel to the one-day-only discount we’re also seeing on the brand’s 12-inch Surface Cleaner Attachment at $22.99 shipped. That pressure washer would normally run you $200 at full price, with discounts mostly taking it to this rate or higher, more often as a one-day-only deal, which has only been beaten out by a one-time discount to $118. For the rest of the day, you can pick one up at $80 off to tackle your outdoor cleaning needs at the next-best price we have tracked – landing just $2 above the all-time low.
Gain more portable workspace with Worx’s Pegasus 2-in-1 folding table & sawhorse at $95 (Today only)
As part of its Deals of the Day, Best Buy is offering the Worx Pegasus 2-in-1 Folding Work Table & Sawhorse at $94.99 shipped, which beats out Amazon’s pricing by $42. It usually fetches $140 to $150 at full price across various marketplaces, with discounts over the last year having mostly kept costs above $110, though we have spied some short-term falls as low as $90. For the rest of the day, you can pick it up here with a $55 markdown that lands it at the second-best price of the last 12 months – just $5 above the low we last saw in January.
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
The massive new Hyundai EV plant outside of Savannah, Georgia, was raided by ICE last week. Federal agents took hundreds of people into custody at the site, including executives from LG Energy Solution, Hyundai’s battery partner and co-owner of the plant.
Update 09/10/2025: A charter plane was shown taking off from the Incheon International Airport in South Korea on Wednesday, headed for the US.
According to reports (via The Associated Press), the plane landed in Atlanta, but cannot depart the US just yet due to unknown reasons on the US side.
The detainees are currently being held at an immigration detention center in Georgia. They are expected to be released and transferred to the Hartsfield-Jackson Atlanta International Airport, where the charter plane is waiting to bring them home.
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The battery plant site that was raided is one of over 20 that South Korean companies are currently building in the US.
As the largest workplace raid by the US Homeland Security, the event is quickly spreading backlash among South Koreans.
Charles Kuck, an immigration attorney from Atlanta who represents several of the detained citizens, told The Associated Press that no other company in the US makes the machines used at Hyundai’s plant. So, they had to come from overseas to install or repair equipment at the plant. He added that many were doing so under various visa programs legally.
Why was the Hyundai EV plant raided by ICE?
After celebrating the grand opening of its new Hyundai Motor Group Metaplant America (HMGMA) in Georgia earlier this year, the Korean automaker said it’s “building the future of mobility with America, in America.”
On September 4, a construction site for a new battery plant was raided by US immigration authorities. Up to 475 people were arrested as part of an investigation into undocumented individuals. It was the US Department of Homeland Security’s largest single-site enforcement operation to date.
The South Korean Foreign Ministry issued a statement on Friday, September 5 (via Yonhap News), claiming that the individuals were mistreated.
“The economic activities of our companies investing in the US and the rights and interests of our nationals must not be unfairly violated,” South Korean ministry spokesperson Lee Jae-woong said.
Hyundai IONIQ 9 models, which are built at HMGMA EV plant in Georgia (Source: Hyundai)
The ministry’s spokesperson added that “We conveyed our concern and regret through the US Embassy in Seoul today.” Korea sent officials to Washington and to the Hyundai plant to establish an on-site task force to deal with the matter.
Update 09/08/25: South Korea reached a “broad agreement” on September 7 to release the roughly 300 Korean citizens detained in the US.
A foreign ministry official confirmed on Monday (via Yonhap News) that “We have agreed on a plan to bring all our citizens back home safely via a chartered flight.” The official added that the citizens will head home voluntarily rather than facing deportation.
The Hyundai Motor Group Metaplant America (Source: Hyundai)
Backlash is erupting in Korea after video footage circulated on social media showing the detained workers shackled before being loaded onto buses and DEA agents armed with guns outside the facility.
South Korean Foreign Minister Cho Hyun is in talks with Washington to discuss ways to prevent similar incidents from happening again, including increasing the visa quota for South Korean workers.
Hyundai Motor America CEO Jose Muñoz with Georgia Governor Brian P Kemp at Hyundai Day (Source: Hyundai)
Meanwhile, President Donald Trump still believes the US and South Korea have “a great relationship.” Trump told reporters after a visit to the US Open tennis final on September 8 that “we have a great relationship with South Korea, really good relationship.”
Trump later posted on Truth Social that the US will “make it quickly and legally possible” to bring foreign battery experts to the US, adding, “What we ask in return is that you hire and train American Workers.”
Hyundai IONIQ 9 built at HMGMA (Source: Hyundai)
Hyundai’s site in Georgia spans nearly 3,000 acres total and includes an assembly facility, two battery plants, a weld shop, and several others for training, logistics, and more.
As the largest economic project in Georgia, the plant, including Hyundai’s suppliers, is expected to create nearly 40,000 jobs while drawing $12.6 billion into the state.
Hyundai currently builds the new 2025 IONIQ 5 and 2026 IONIQ 9, its first three-row electric SUV, at the Georgia facility.
2025 Hyundai IONIQ 5 at a Tesla Supercharger (Source: Hyundai)
The ICE raid came just days after US President Trump hosted South Korean President Lee Jae Myung at the White House. It’s part of the administration’s aggressive crackdown on immigration. Lee has committed to investing another $150 billion in the US, including a new EV battery plant, as it seeks to ease trade tensions.
Check back soon for the latest information, as this is still an ongoing story. We’ll keep you updated with the latest.
Less than two weeks after completing its acquisition of aerial mobility business Blade, eVTOL air taxi developer Joby Aviation has expanded an ongoing partnership with Uber, Inc. to bring those flights to the popular rideshare app.
Regarding eVTOL development news, Joby Aviation ($JOBY) is a regular on the Electrek homepage. Joby is one of dozens of aerial mobility developers seeking certification to begin commercial air taxi operations worldwide with passengers on board.
However, Joby only began eVTOL test flights in the US with a pilot on board two years ago, followed by test flights in Japan in front of long-standing partner Toyota last November, and most recently, piloted flights in the United Arab Emirates this past June.
On Sunday, November 12, 2023, Joby Aviation’s bespoke eVTOL took off from the Downtown Manhattan Heliport and performed an exhibition flight across New York City ahead of plans for full commercial air taxi operations led by Joby in 2025.
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That has yet to happen, but it moved closer than ever to reality last month, when Joby successfully acquired Blade, an established network of terminals and existing customers in markets like New York and Southern Europe.
Blade will continue its aerial and heliport operations as a subsidiary of Joby. However, the eVTOL developer is immediately implementing those air taxi services into the Uber App through a global partnership with the rideshare behemoth.
Joby’s flagship eVTOL in New York City / Source: Joby Aviation
Joby to expedite eVTOL air taxi rides with Blade and Uber
Per Joby Aviation, it is expanding its global partnership with Uber Technologies to integrate the recently acquired Blade passenger business into the Uber App as early as next year. Joby and Uber have been working together since 2019, and in 2021, the former even acquired Uber’s Elevate division, which was focused on developing on-demand urban air transportation and eVTOL air taxi systems.
The eVTOL developer explained that the growing partnership with Uber “lays the foundation” for introducing its zero-emissions air taxis in key markets. Joby founder CEO JoeBen Bevirt elaborated:
We’re excited to introduce Uber customers to the magic of seamless urban air travel. Integrating Blade into the Uber app is the natural next step in our global partnership with Uber and will lay the foundation for the introduction of our quiet, zero-emissions aircraft in the years ahead. Together with Uber’s global platform and Blade’s proven network, we’re setting the stage for a new era of air travel worldwide.
Joby’s new air travel business from Blade flew over 50,000 passengers in 2024, operating from heliports in Manhattan to JFK airport and Newark Airport, or the Hamptons. In Europe, Blade offers flights from Nice to Monaco and Cannes and operations in St. Tropez and the French Riviera.
Through the acquisition, Joby intends to utilize Blade’s existing infrastructure and experience to accelerate its own launch of electric air taxi services. Currently, those planned markets include Dubai, New York, Los Angeles, the United Kingdom, and Japan.
Following its latest deal, Joby’s pending air taxi flights will be accessible through the Uber app. Uber president and COO Andrew Macdonald also spoke:
Since Uber’s earliest days, we’ve believed in the power of advanced air mobility to deliver safe, quiet, and sustainable transportation to cities around the world. By harnessing the scale of the Uber platform and partnering with Joby, the industry leader in advanced air mobility, we’re excited to bring our customers the next generation of travel.
So next year, you may be able to open the Uber app, order a robotaxi to a Manhattan heliport, then take an eVTOL air taxi to the airport for your flight. That’s pretty cool.
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