Chinese EV maker NIO is denying rumors of a second round of layoffs circulating on social media. The speculation comes as several EV makers recently announced plans to scale back.
NIO announced in November it was trimming its staff by 10% amid “fierce competition,” according to a memo reviewed by Bloomberg.
The letter from CEO William Li said the company was eliminating duplicate and inefficient roles. Furthermore, projects not expected to generate earnings within the next three years were delayed or omitted from the plans.
“This is a tough but necessary decision against fierce competition,” Li said, adding, “Our journey is a marathon on a muddy track.”
NIO’s job cuts came after market leaders like Tesla and BYD aggressively slashed prices all year. NIO cut prices by up to $4,200 in June as it looked to keep pace.
After opening orders for the new ET7 this week, all NIO models are now underpinned by its updated NT 2.0 platform.
2024 NIO ET7 (Source: NIO)
NIO clarifies no new layoffs are planned
After reports of a new round of layoffs began circulating, NIO set the record straight. The rumors were started by foreign bloggers, making their way to Chinese social media.
The rumors claimed NIO was implementing another round of layoffs. Reports cited falling sales and increased competition. Li said he was unaware of the situation.
Rising competition and higher interest rates are making it harder for EV makers to compete. Several automakers have announced plans to reduce their workforce or scale back.
New flagship NIO ET9 premium EV (Source: NIO)
Rivian announced plans to cut another 1% of jobs after revealing it was laying off 10% of its salaried employees in February.
The news comes after Tesla revealed it was reducing its global workforce by over 10% this week.
Meanwhile, NIO’s sales rebounded in March as new models launched. NIO delivered 11,866 vehicles in March (its highest monthly total in 2024) for 30,053 in the first quarter.
NIO ET5T (Source: NIO)
NIO topped estimates after trimming delivery forecasts just days before the release. Refreshed models like the 2024 ES8, ES6, EC6, and ET5T fueled the growth.
The EV maker expects the momentum to continue in the second quarter with the 2024 ES7, ET7, and ET5 rolling out.
NIO stock chart over the past year (Source: TradingView)
NIO’s (NYSE: NIO) stock is down over 50% this year as the EV sector has slipped into a downward trend. NIO shares are down over 90% from the all-time high of over $62 set in February 2021.
Jeep’s new Compass EV is finally here, and it’s even better than we expected. The electric SUV delivers with a sleek new design and over 400 miles of driving range. Here’s our first look at the all-new Jeep Compass EV.
Meet the new Jeep Compass, now available as an EV
We knew it was coming soon after a few images leaked last week, revealing the new electric SUV. After retiring the Renegade and Cherokee, the Compass became Jeep’s most affordable SUV. Now, it’s finally available as an EV.
Jeep unveiled the new Compass during an exclusive press conference on Tuesday, claiming the revamped SUV is set to “redefine expectations” in the most competitive passenger car segment.
Although it’s still clearly a Jeep with the brand’s signature rugged design, the SUV gains a few upgrades to help it stand out in an increasingly crowded segment.
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The iconic seven-slot grille gains a new Active Grille Shutter that’s directly integrated into the front bumper, helping to improve aerodynamics. Jeep also added air ducts on the front and rear wheels, a flat underbody design, and sharp rear edges for a 10% CX improvement.
Other new design elements include an anti-scratch modular Jeep shield and reinforced bumpers for added protection during on- or off-road adventures (you know those city streets can get tight sometimes).
Inside, the upgraded SUV features a new infotainment system with a 10″ cluster and a 16″ radio. With OTA update capabilities, it will continue gaining new features.
Jeep’s new Compass includes Level 2 autonomous driving as standard. Other features, like a head-up display, semi-automatic lane change, and Matrix LED headlights, are offered in higher trims or as upgrades.
Electric or hybrid
The new Jeep Compass is available in a 145 HP 48V hybrid and a 195 HP plug-in hybrid (PHEV). Jeep offers three all-electric variants, ranging from front-wheel drive (FWD) with 213 HP to all-wheel drive (AWD) with up to 375 HP.
Jeep’s new Compass EV is based on the STLA Medium platform. The more powerful, AWD variant gains a new rear electric motor with an extra 49 kW of peak power and up to 232 Nm of torque.
Combined with a 14:1 rear reducer, Jeep claims the electric SUV can climb a 20% slope, “even with zero traction on the front wheels.”
The SUV features fast charging (20% to 80%) in about 30 minutes with up to 160 kW DC charging speeds. With a WLTP driving range of up to 404 miles (650 km), the Compass EV is “highly competitive” without compromising space.
Jeep’s new Compass First Edition model is currently available to order in two powertrains: a 48V e-Hybrid or the EV version with 213 hp.
The First Edition EV model is available in FWD with a driving range of up to 311 miles (500 km). Other exclusive features include 20″ wheels, LED matrix headlights, and Jeep’s signature Selec Terrain system.
Jeep also offers Level 2 autonomous driving capabilities, front and rear parking sensors, and a rear parking camera for First Edition buyers. A streamlined package offer can add premium features like ventilated and massaging seats, an open-air sunroof, and semi-automated lane change assistance.
Deliveries of the new Compass are set to begin in Europe in the fourth quarter of 2025. Those in the US will have to wait a little longer for specs and prices, but the new Compass is expected to debut soon. Check back for more info, including prices and additional specs.
To give you an idea, the 2025 Jeep Compass starts at just under $27,000 in the US. In Europe, the Compass 4xe PHEV starts at €42,995 ($48,500).
How do you feel about the new Jeep Compass? Would you buy the EV version in the US for around $30,000 to $35,000? Let us know your thoughts in the comments.
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Tesla (TSLA) has seen its electric vehicle sales crash in the UK after being the only positive market in a disastrous first quarter in Europe.
Over the last few months, we have extensively reported on Tesla’s cratering sales in Europe during the first quarter of 2025. Tesla’s deliveries have crashed in every single European market except for one.
As we reported, Tesla had been heavily discounting leases of the new Model Y in the UK compared to other European markets.
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In addition, EVs were exempt from the “luxury car tax” for vehicles worth £40,000 or more, but the exemption ran out on April 1st, 2025, which pushed people to buy more EVs in Q1 2025.
Now that this is gone, Tesla’s sales are also crashing in the UK.
The market released its April registration numbers and confirmed that Tesla delivered only 512 electric vehicles in the UK last month.
That’s down 62% compared to the same period last year and 65% compared to the first month of Q1.
This is happening amid the availability of the new Model Y, and Tesla is still holding dozens of heavily discounted old Model Ys in new inventory in the UK.
Tesla’s reputation has significantly degraded in the last few months, primarily due to its CEO, Elon Musk’s political involvement.
Musk is seen by many as having financed the rise of fascism and authoritarianism in the US through his political and financial backing of Donald Trump, who has been defying court orders, deporting people without due process, and engaging in activities that use his political office to enrich himself and his cronies.
Electrek’s Take
Oh oh. Now, even the UK is down. And not just down, but down 62% year-over-year. That’s not looking good.
Tesla is rapidly going from being the market leader in Europe to becoming a niche automaker.
There are still some delusional fans who are holding on to the idea that this is not happening:
Yes, the first month of each quarter is lower than the rest due to lower inventory, but Tesla increased its inventory last quarter, and we are also comparing it to the same month last year, which was also low.
First, Tesla shareholders were claiming that the drop in Q1 was purely due to the Model Y changeover.
Now, Tesla says production is back to normal, but now people like Voigt claim the “low cost model” will bring things back to normal.
How? Tesla’s sales are down 50% in Europe. Do you think bringing a stripped-down Model Y is going to bring things back to normal? At best, it will bring Tesla down “only” ~30% in Europe, and that’s compared to 2024, which was another year of decline for Tesla.
I don’t know why these people insist on acting like Tesla’s once-incredible brand and force to accelerate the EV transition is not in crisis.
The first step is recognizing there’s a problem and they are not even there yet.
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Rivian has completed an extensive remodel of its space in the Meatpacking District of NYC, which has been reimagined as the American Automaker’s first “concept experience.” These spaces will rotate themes and locations to give visitors and Rivian owners unique spaces to hang out and explore the adventure EV brand.
As the American automaker continues to expand its lineup of all-electric models, it has also been working on creating a showroom presence around the US to offer consumers a place to see its models up close and design one themselves with the help of a Rivian employee.
These Rivian Spaces also provide a place for owners to hang out, get service, and talk to others about the brand. Rivian’s service and demo footprint currently consists of over 60 locations in the US and two in Canada.
Several of those locations are dedicated Rivian Spaces, such as the showroom on 461 W 14th Street in the Meatpacking District of NYC. While that NYC space only opened two years ago, Rivian recently completed an extensive remodel into what it describes as its first “concept experience.” Per Rivian:
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To give both our longtime followers and those new to our brand a chance to connect with a distinct facet of who we are, we’re introducing yearly, rotating concepts that will come to life through immersive design, content, events, and programming.
Source: Rivian
Rivian opens its first conceptual Space in NYC
Per Rivian, the remodeled Space beneath the High Line in NYC is called “Adventure is in Us.” The walls and decor tell stories of people who embody that spirit daily, including genuine Rivian owners. Rivian said its initial concept is about celebrating a “broader, more inclusive view of adventure and inspiring visitors to embrace it too.”
The experience doesn’t end on Rivian’s concept Space walls either. The automaker has developed a multi-sensory customer experience that includes sight, sound, scent, and taste. The Space features natural woods and other textures you can touch, natural soundscapes as you wander, plush greenery for sights and scent, and even drinks you can sample, including coffee from local vendors like Don Carvajal and tea from Harney & Sons. Rivian shared more details:
Visitors can tap digital displays to hear owner stories through a headset and learn about charging through an interactive touch wall. Placing a special emphasis on discovery, especially for kids, we intentionally designed interactive moments at lower heights with tactile elements that invite younger visitors to explore and engage—including a vehicle color experience where kids can choose their favorite Rivian color. A sound experience gives kids the opportunity to guess the audio sounds from around NYC.
When redesigning its NYC Space, Rivian said it tried to make the showroom below the High Line an open, green, and inviting extension of the park around it. In addition to being the first conceptual, immersive Space, Rivian’s Meatpacking District location will also offer exclusive “adventure drives,” in which customers can sign up for small group demo drives to locations adjacent to NYC, such as the Met Cloisters and the Storm King Art Center.
Other features of the “Adventure is in Us” Space include a communal theater and space for community gatherings and panel discussions. If you’re in NYC, you can visit the remodeled Rivian Space at 461 W 14th Street, New York, NY 10014, and go to the automaker’s Spaces page to sign up for upcoming events.
If you do visit, let us know about your experience!
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