AutoBeta(AutoBeta.net)11/18 Report--

Xilai announced the appointment of China International Capital Corporation auto analyst Beng Wei as the new CFO to replace Xie Dongzhong, who resigned last month for personal reasons, effective November 18.

Fengwei holds a bachelor's degree in automotive engineering from Tsinghua University and a double master's degree in automotive engineering from Aachen University of Technology and Tsinghua University. He has nearly 15 years of financial and operational experience in the automotive industry. Feng Wei worked at Zaifu Group for more than five years and worked as an industry analyst at Everbright Securities Co., Ltd from 2010 to 2013. Subsequently, he served as Managing Director of Research and Chief analyst for the Automotive and parts Industry of China International Capital Corporation, where he won a number of international awards, including "Best Auto and Auto parts analyst" by the Asian currency and China Research team of Institutional investors, and No. 1 Asian Automotive Stock selection analyst Award by Thomson Reuters StarMine.

Li Bin, chairman of NIO, said: "on behalf of the board of directors and the management team, I welcome Mr. Fengwei to join us. His extensive experience in finance and business operations, as well as outstanding achievements in the field of industry research, make him an excellent candidate to lead the financial team of Lulai. Fengwei has a very deep insight into the automotive industry, and I believe his participation will become an indispensable force to achieve long-term strategic goals. "

On October 28th, Mr. Xie Dongzhong, Chief Financial Officer (CFO) of Xilai submitted his resignation as Chief Financial Officer of the company for personal reasons, effective October 30th, 2019. Li Bin said: "on behalf of the board of directors and the management team, I would like to thank Xie Dongzhong for his contribution to NIO and wish him every success in his future efforts." During his tenure as CFO, Xie Dongqin was in charge of financing and listing projects at NIO Motor, reporting directly to Li Bin, chairman and CEO.

On November 4th, sales figures released by NIO showed that NIO delivered 2526 new cars in October, an increase of 25% month-on-month and 61% year-on-year, of which ES6 accounted for 2220 and ES8 only 306. At the same time, data show that a total of 14867 new cars were delivered from January to October in 2019.

According to the financial report of Lulai Automobile, the operating income in the second quarter was 1.508 billion yuan, with a net loss of 3.285 billion yuan belonging to the shareholders of the listed company. Li Bin confirmed that NIO has actually lost about 22 billion yuan so far. In the face of market skepticism under the huge loss, Qin Lihong, co-founder and president of Xilai Automobile, also made a response that "We may not live in sunshine, but we will definitely not die." Li Bin also said that NIO is in contact with many local governments to seek financing for development.

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