There is no chance for Nio to go bankrupt, according to the president of the Chinese new energy vehicle startup.

Nio has released and delivered five new NEV models and built a new plant with an annual production capacity of 300,000 units this year, Qin Lihong, who is also Nio’s co-founder, recently said at the Guangzhou Auto Show. The firm’s sales growth in the first 10 months of the year was close to 40 percent in some markets, he added.

Shanghai-based Nio has been having a period of low sales this year. It delivered 31,041 NEVs in the first quarter. Nio’s other co-founder Li Bin once joked that he and Qin would need to find new jobs if the company’s monthly sales remained at around 10,000 units in the following months.

Nio’s monthly deliveries fell below 7,000 units in April and May. Sales rebounded in the following months thanks to price cuts, hitting a new monthly record of 20,462 deliveries in July. However, sales began to decline again later, falling to 16,074 units last month.

Following the sluggish performance, rumors claiming Nio would go bankrupt started spreading online. More and more related news began circulating from Nov. 3, when the carmaker confirmed a layoff plan.

Nio will adjust its organizational structure and investment resource direction, Li said in an internal letter on Nov. 3. The firm will cut about 10 percent of its staff and complete specific adjustments by November, Li noted.