Nio Cuts 10% Workforce, Targets 2025 US Entry; Zeekr Files for $1 Billion US IPO

Chinese electric vehicle (EV) companies Nio and Zeekr are making significant moves in the US market. Nio has cut 10% of its workforce amidst intense competition in the world's largest EV market. The company aims to enter the US market by 2025 with China-made premium electric vehicles. Additionally, Nio's US CEO stated that the company has concluded it is too expensive to build factories in the US. On the other hand, Zeekr, a premium EV brand under Chinese automaker Geely, has filed for a US IPO, with a wider loss revealed in the IPO paperwork. Zeekr plans to be listed on the New York Stock Exchange with the stock code 'ZK' and is preparing for a $1 billion US IPO.