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Nio's Electric Power Engineering Chief Quits Admit Restructuring: Report

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Nio's Electric Power Engineering Chief Quits Admit Restructuring: Report

Huang Chendong, who is in charge of Nio Inc – ADR's (NYSE: NIO) electric power engineering team, will leave his post by June 30, Chinese media outlet 36Kr reported, which said the news was confirmed by management. 

Chendong was promoted to the role of senior vice president in October and is reporting directly to CEO William Li.

The 36Kr report also said, citing an insider, the speculated departure is related to recent reorganization at the electric power engineering department, which is primarily responsible for the battery control system, powertrain R&D and vehicle control hardware and software.

The departure comes in the wake of an organizational reshuffle of the unit, as Nio looks to merge the powertrain R&D and development with XPT, a subsidiary of Nio that supplies powertrains and other parts to Nio.

Nio is also planning to move over 200 employees at the power engineering business into different business lines, the report said.

In mid-March, Nio reported a wider-than expected loss for the fourth quarter and a thin cash position of $151.7 million.

The company said at the time that it expects its efforts to optimize the organization and improve operation efficiency to significantly reduce its opex and improve cash flows in 2020 and beyond.

Nio shares were down 0.9% at $2.75 at the time of publication Wednesday.

Related Links:

Nio Fundamentals Have Bottomed Out; COVID-19, Tesla Competition Keep BofA On Sidelines

Nio's History Of Capital Raises: A Look At The Chinese EV Manufacturer's Debt

Photo courtesy of Nio. 

 

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