Phate Zhang

"My goal, and my commitment to this company, is I want all of us to buy a Nio car from our personal paycheck one day," Nio US CEO Ganesh Iyer said.

Most of Nio's businesses will see layoffs, with the battery and phone businesses likely to be adjusted the most, according to local media.

Nio said it will improve resource efficiency and defer or cut investments in projects that do not contribute to the company's financial performance in three years.

Xpeng made a filing earlier this year for the P7 with an LFP battery pack, with cell supplier Eve Energy.

Cariad China's partnership with Vivo comes at a time when Chinese consumers are increasingly valuing the seamless experience of connecting their smartphones to EVs, which has even driven some EV makers, including Nio, to enter the phone making space.

The EC6's contribution to Nio's sales is modest, but the actor's move to buy the coupe SUV is an endorsement of the model and the Nio brand.

One day after announcing discounts of up to RMB 10,000 for its least expensive model, the T03, Leapmotor announced benefits including loan interest subsidies for two other models.

This is another decline in Tesla's China-made vehicle sales after an 11.98 percent sequential drop in September.

While demand for Li Auto's vehicles remains robust, investor concerns about competition have increased, particularly around Huawei-backed Aito, said Deutsche Bank analyst Edison Yu's team.

With 63,965 units sold in October, the Song family continues to rank as the top-selling BYD model, up 1.79 percent from September.