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Teslas competitors find that going electric has its own set of problems - MarketWatch MarketWatch Site Logo MarketWatch Site Logo

Nio, a Chinese electric-car manufacturer vying to become the next Tesla TSLA, +4.40% , has fallen on hard times. A perfect storm of reduced government subsidies , uncertainty brought on by the trade war with the U.S., as well as generally lower demand in China has forced the manufacturer to cut more than 2,000 jobs and heavily optimize its business by spinning off non-core businesses by years end. The companys shares have plummeted.