One of Tesla's top Chinese competitors reportedly expected to lay off employees as it eyes the US market

• Nio is set to lay off 10% of its staff this month, TechCrunch reported.
• Reorganization at Nio comes as the company eyes the US market.
• There's an opening for cheap EVs in the US.

Big changes are in store for Chinese electric car company Nio, one of Tesla's biggest rivals in the world's largest vehicle market.

TechCrunch reported Friday that Nio is set to lay off 10% of its workforce as it rushes to cut costs and reorganize its business as competition in the electric market intensifies. The cuts are part of a larger reorganization at the company, TechCrunch reported, which is supposed to be completed in November.