Nio (NIO) is implementing a new round of job cuts across its European operations as it seeks to lower operational overheads by 25% globally, EV reported Friday, citing two sources.

The sources said most of the layoffs would impact the company's design and R&D departments, and that the decision was relayed to employees during internal meetings on Friday.

EV said that the job cuts were implemented without official company-wide emails but through messaging platforms.

Although Nio's global business unit remains unaffected as of now, the situation could change in the next weeks, according to another source.

Nio didn't immediately respond to a comment request from MT Newswires.

Shares were down more than 12% in recent trading amid a broadly weaker market.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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