Asian Tech Press (Nov 20) -- Chinese electric car startup Nio Inc. (NYSE:NIO)'s president has recently denied questions about going bankrupt after laying off 10% of its staff.

At the Guangzhou Automotive Industry Development Conference on Nov. 17, Nio co-founder and president Lihong Qin responded to questions that Nio has released and delivered five new vehicles so far this year, and that it has built a new factory with an annual capacity of 300,000 units.

He said the company, in various markets, realized a cumulative year-on-year sales growth of nearly 40% in the first 10 months.

Qin said at present, the market is full of great opportunities, and also puts higher demands on each company, that is, to work hard to seize the current market opportunity while maintaining strategic focus in the face of it.

"Nio will not go out of business, and there is absolutely no possibility of going out of business. Please feel free to experience and buy Nio cars," Qin emphasized.

Earlier this month, Nio CEO William Li Bin said in a letter to all employees that Nio was about to undertake a restructuring involving the direction of the organization and the investment of resources.

The letter also mentioned that Nio will reduce about 10% of its jobs, with the specific adjustments to be completed in November.