Nio (HKG:9866, SGX:NIO) is considering cutting research and development costs by between 20% and 25% year on year to reach its breakeven target by the fourth quarter, Bloomberg News reported Tuesday, citing the Chinese automobile maker that made the statement during its earnings call.
The R&D spending is likely to be reduced to between 2 billion yuan and 2.5 billion yuan every quarter, with the effect of the cost reduction expected to be seen in the second quarter, the report said, citing Chairman William Li.
Revenue in the second quarter is expected to be between 19.5 billion yuan and 20 billion yuan, with 72,000 vehicles to 75,000 vehicles to be delivered in the same period, the report said.
The company's first-quarter operating loss was 6 billion yuan, wider than the estimated operating loss of 5.1 billion yuan, the report said.
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