Market Overview

It's Official: Nio Brings Former Auto Analyst Wei Feng On As CFO

It's Official: Nio Brings Former Auto Analyst Wei Feng On As CFO

Chinese electric vehicle manufacturer Nio Inc – ADR (NYSE: NIO) confirmed reports Sunday that it has Wei Feng is the company's new CFO.

Shanghai-based Nio, which makes the ES8 and ES6 electric vehicles, said Wei's appointment is effective Monday. 

In late October, the company announced the resignation of CFO Louis Hsieh. It was speculated that the departure may have to do with a new financing strategy the company is planning to enact. 

Wei has about 15 years of experience in the automotive industry, with his most recent position being the managing director and head of auto and auto parts research team at the investment banking firm China International Capital Corp, or CICC.

Before CICC, Wei was an an equity analyst at Everbright Securities from 2010 to 2013.

Nio is going through a turbulent phase, as inclement macroeconomic conditions and geopolitical issues are weighing down on sales of its vehicles.

The company reported anemic sales in the first and the second quarters before seeing a resurgence in the third quarter.

Nio shares were down 1.65% at $1.78 at the time of publication. 

Related Links:

Nio Could Be In For More Pain As Industry Association Issues Bleak EV Sales Forecast

Is Tesla's 40% Run Just The Beginning?

Photo courtesy of Nio. 

Posted-In: electric vehicles EVs Wei FengNews Management Global Trading Ideas


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