Struggling NIO Delays Salary Payments Because of Coronavirus
Struggling NIO Delays Salary Payments Because of Coronavirus
(Bloomberg) -- NIO Inc. Chairman William Li told employees that the cash-strapped electric carmaker will pay January salaries six days late because of difficulties stemming from the outbreak of the novel coronavirus.
Payments will be made Feb. 14 instead of Feb. 8, according to a message from Li to employees that was seen by Bloomberg and confirmed by a company representative. Li also encouraged employees to trade in their upcoming bonus for restricted stock units, though the representative highlighted that would be voluntary.
NIO posted losses of more than $300 million in the quarter ended September -- the latest period for which the company’s financials are available. The company said late last year it didn’t have enough money to continue operating another 12 months unless it raises more funds.
To contact Bloomberg News staff for this story: Chunying Zhang in Shanghai at czhang714@bloomberg.net
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net
©2020 Bloomberg L.P.
With assistance from Bloomberg