AutoBeta(AutoBeta.net)11/07 Report--

In the face of the departure of the chief financial officer, NIO Automobile once fell into various rumors, in order to avoid rumors continue to affect, NIO Automobile said, The company has begun to look for Xie Dongying successor, Hope to make up for this position vacancy as soon as possible.

On the evening of November 6, NIO Automobile filed a document with the Securities and Exchange Commission (SEC) announcing that Stanley Qu would succeed Wang Dongning as vice president of finance.

Stanley Qu was appointed Vice President of Finance, responsible for overall financial control and management of the Company, including China, XPT, US and Europe financial aspects of the global corporate governance structure, reporting to Mr. Li Bin. Stanley Qu may temporarily replace Xie Dongying as CFO due to the departure of Mr. Wang Dongning, Vice President of Finance, and Xie Dongying, Chief Financial Officer, for personal reasons.

Stanley Qu has served as senior finance manager of NIO since October 2016. Prior to joining NIO, he served as regional finance director for Johnson Controls and Lear Corporation.

Encountering a series of rumors, NIO announced on November 5 that it had jointly announced a strategic cooperation with Mobileye, an autonomous driving technology company owned by Intel. The two sides will build L4-class autonomous driving models based on NIO's second-generation vehicle platform. On the day of the announcement, NIO shares closed up 36.84% at $2.34.

After realizing five consecutive rises, the stock price experienced a roller coaster due to personnel changes. After the US stock market closed on November 6, the stock price of NIO fell by more than 13%, closing at $2.03 per share on that day.

Some insiders believe that the biggest dilemma of NIO Automobile is not to maintain the stock price, but at the financing and product level. In October this year, NIO Automobile negotiated a financing of more than 5 billion yuan with Wuxing District of Huzhou City, Zhejiang Province. Later, Wuxing District said that after evaluation, the project was considered to be risky and no agreement was signed; and Zeng NIO and Yizhuang Guotou's 10 billion yuan financing did not reflect new progress.

Wei Lai CEO Li Bin also responded, saying,"Wei Lai is indeed in contact with many local governments, but there is not much information to disclose at present."”

According to the latest delivery data of NIO, 2526 vehicles were delivered in October this year, up 25% month-on-month and 61% year-on-year. In the first 10 months, the cumulative delivery volume of NIO vehicles was 14,867 vehicles.

The financial report shows that in the second quarter of 2019, NIO suffered a net loss of 3.285 billion yuan, with a cumulative loss of 5.9086 billion yuan in the first half of the year. As of the close of Oct.25 EST, NIO shares closed at $1.51.

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