AutoBeta(AutoBeta.net)10/28 Report--

Xilai Motors confirmed that Mr. Xie Dongzhong, Chief Financial Officer (CFO), submitted his resignation as CFO for personal reasons, effective October 30th, 2019. NIO says the company is looking for a new CFO.

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."

According to the data, Xie Dongzhong holds a Bachelor of Science degree in Engineering from Stanford University, an MBA degree from Harvard Business School, and a Bachelor of Science degree from the University of California, Berkeley, and has a long overseas working background. Xie Dongzhong has worked for JPMorgan Chase, UBS assets, UBS Investment Bank and other companies for many years, and then served as president and chief financial officer of New Oriental Education and Technology Group. In May 2017, Xie Dongzhong joined NIO Motor as CFO, responsible for financing and listing projects, and reported directly to Chairman and CEO Li Bin.

Not long ago, Xie Dongzhong attended the NIO earnings call in the second quarter of this year. Xie Dongzhong said that NIO has made significant positive progress with relevant parties on NIO's financing projects in China.

In October, the media revealed that NIO Motor is negotiating a financing intention of more than 5 billion yuan with Wuxing District, Huzhou City, Zhejiang Province, and will build a factory with an annual production capacity of 200000 vehicles in Wuxing District. Subsequently, Wu Xing District said that the financing agreement was not signed in the end because it was considered that the project was risky after assessment.

In addition, in May this year, NIO announced that it had received 10 billion yuan of investment from Yizhuang in Beijing to set up "NIO China" to inject specific businesses and assets, and that NIO would build a new factory in the Beijing Economic and technological Development Zone. But so far, the relevant details of cooperation have not been released, and the progress of cooperation between the two sides has been slow.

Li Bin, chairman of NIO, responded earlier, "NIO is indeed in contact with many local governments, but there is not much information to disclose at present." "

Delivery data show that a total of 4799 vehicles were delivered in the third quarter of 2019, including 4196 ES6603 vehicles and 12341 ES8; vehicles delivered in the first three quarters of 2019.

The financial report shows that NIO lost 3.285 billion yuan in the second quarter of 2019 and 5.9086 billion yuan in the first half of the year. NIO shares closed at $1.51 as of Oct. 25, Eastern time.

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