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China’s EV maker NIO tumbles 26% on widening losses and job cuts

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China's home-grown electric-car maker NIO Inc. plunged after a worse-than-expected quarterly loss triggered thousands of job cuts and exacerbated concerns about weakness in the world’s largest EV market.

Nio Tuesday reported a 3.3 billion yuan ($462 million) net loss for the second quarter, 25 per cent wider than the previous quarter and nearly double the loss for the same period last year. Car sales dropped almost 8 per cent to 1.41 billion . . .

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