NIO Inc. Announces Management Change

Rhea-AI Summary

NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO), a leading company in the premium smart electric vehicle market, announced a significant management change on July 5, 2024. Chief Financial Officer Steven Wei Feng has resigned due to personal and family reasons, effective immediately. The company expressed gratitude for his contributions since 2019. The Board has promoted Senior Vice President of Finance, Stanley Yu Qu, to the CFO position. Mr. Qu, who joined NIO in 2016, has prior experience at Lear , Johnson Controls, and PricewaterhouseCoopers. He holds a Master’s Degree in Accounting from Shanghai University of Finance and Economics and a Bachelor’s Degree in Accounting from Peking University.

Positive

• Promotion of Stanley Yu Qu, who has extensive experience and a strong track record at NIO and previous companies, to CFO.
• Board approval and confidence in Stanley Yu Qu's qualifications and suitability for the CFO role.

Negative

• Resignation of Chief Financial Officer Steven Wei Feng, which may lead to uncertainty or disruption in the financial leadership.

SHANGHAI, July 05, 2024 (GLOBE NEWSWIRE) -- NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and a leading company in the premium smart electric vehicle market, today announced that Mr. Steven Wei Feng has tendered his resignation as the Chief Financial Officer of NIO for personal and family reasons, effective July 5, 2024. The Company greatly appreciates Mr. Feng’s contributions to NIO since 2019 and wishes him the best in his future endeavors.

The board of directors of the Company (the “Board”) has approved to concurrently promote the Company's Senior Vice President of Finance, Mr. Stanley Yu Qu, as the new Chief Financial Officer. Since joining NIO in October 2016, Mr. Qu has demonstrated strong expertise and leadership in overseeing the Company’s overall financial and reporting functions. Prior to joining NIO, Mr. Qu held various financial leadership roles at leading multinational companies including Lear Corporation and Johnson Controls, from 2013 to 2016. Before that, he worked at PricewaterhouseCoopers for ten years. Mr. Qu holds a Master’s Degree in Accounting from Shanghai University of Finance and Economics and a Bachelor’s Degree in Accounting from Peking University. The Board believes that Mr. Qu is a highly qualified and suitable candidate.

About NIO Inc.
NIO Inc. is a pioneer and a leading company in the premium smart electric vehicle market. Founded in November 2014, NIO’s mission is to shape a joyful lifestyle. NIO aims to build a community starting with smart electric vehicles to share joy and grow together with users. NIO designs, develops, manufactures and sells premium smart electric vehicles, driving innovations in next-generation technologies in assisted and intelligent driving, digital technologies, electric powertrains and batteries. NIO differentiates itself through its continuous technological breakthroughs and innovations, such as the industry-leading battery swapping technologies, Battery as a Service, or BaaS, as well as proprietary NIO Assisted and Intelligent Driving and its subscription services. Unveiled in May 2024, ONVO, the second smart electric vehicle brand of NIO Inc., is committed to creating better family life, and bringing better brand and product experiences to family users.

Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. NIO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in announcements, circulars or other publications made on the websites of each of The Stock Exchange of Hong Kong Limited (the “SEHK”) and the Singapore Exchange Securities Trading Limited (the “SGX-ST”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIO’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIO’s strategies; NIO’s future business development, financial condition and results of operations; NIO’s ability to develop and manufacture vehicles of sufficient quality and appeal to customers on schedule and on a large scale; its ability to ensure and expand manufacturing capacities including establishing and maintaining partnerships with third parties; its ability to provide convenient and comprehensive power solutions to its customers; the viability, growth potential and prospects of the battery swapping, BaaS, and NIO Assisted and Intelligent Driving and its subscription services; its ability to improve the technologies or develop alternative technologies in meeting evolving market demand and industry development; NIO’s ability to satisfy the mandated safety standards relating to motor vehicles; its ability to secure supply of raw materials or other components used in its vehicles; its ability to secure sufficient reservations and sales of its vehicles; its ability to control costs associated with its operations; its ability to build its current and future brands; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIO’s filings with the SEC and the announcements and filings on the websites of each of the SEHK and SGX-ST. All information provided in this press release is as of the date of this press release, and NIO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please visit: http://ir.nio.com

Investor Relations
ir@nio.com

Media Relations
global.press@nio.com

FAQ

What management change did NIO announce on July 5, 2024?

NIO announced that Chief Financial Officer Steven Wei Feng resigned, and Stanley Yu Qu was promoted to CFO.

Who is the new CFO of NIO as of July 5, 2024?

Stanley Yu Qu has been promoted to Chief Financial Officer of NIO.

Why did Steven Wei Feng resign from NIO?

Steven Wei Feng resigned from NIO for personal and family reasons.

What is Stanley Yu Qu’s background before becoming NIO's CFO?

Stanley Yu Qu joined NIO in 2016 and has prior financial leadership experience at Lear , Johnson Controls, and PricewaterhouseCoopers.

What qualifications does the new CFO of NIO, Stanley Yu Qu, hold?

Stanley Yu Qu holds a Master’s Degree in Accounting from Shanghai University of Finance and Economics and a Bachelor’s Degree in Accounting from Peking University.