Feng joined Nio in November 2019, prior to that he was the head of the auto and auto parts research team at CICC.
Nio (NYSE: NIO) CFO (chief financial officer) Steven Feng has resigned, effective immediately, and has been replaced by a vice president.
The Chinese electric vehicle (EV) maker announced today that Feng has tendered his resignation as CFO, effective July 5, for personal and family reasons.
Nio's board of directors has approved the promotion of Mr. Qu Yu (Stanley Qu), senior vice president of finance, as the new CFO.
Since joining Nio in October 2016, Qu has demonstrated strong expertise and leadership in overseeing the company's overall financial and reporting functions, Nio said.
Prior to joining Nio, Qu held a number of financial leadership roles at leading multinational companies such as Lear Corporation and Johnson Controls from 2013 to 2016. Prior to that, he spent ten years at PricewaterhouseCoopers.
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 of Directors believes that Qu is a very competent and suitable candidate, Nio said.
Feng joined Nio in November 2019, prior to which he was a managing director and head of the auto and auto parts research team at China International Capital Corporation (CICC).
Prior to CICC, Feng was an industry analyst at Everbright Securities from 2010 to 2013.
Nio said he it greatly appreciates Feng's contributions to the firm since 2019 and wishes him the best in his future endeavors.
Feng joined Nio at the company's toughest times, when financial woes brought it to the brink of bankruptcy.
At the end of April 2020, Nio received a RMB 7 billion investment from investors in Hefei, saving it from the brink of bankruptcy.
After resolving its financial issues, Nio's vehicle deliveries continued to rise in 2020, driving its US-traded stock price up about 11 times for the year.
However, Nio's delivery growth slowed from 2021 to 2023 amid Covid-19, supply chain issues, and China's economic slowdown.
In an interview with Bloomberg TV on March 22, 2023, Feng said Nio was confident of doubling its sales in 2023.
Nio delivered a total of 122,486 vehicles in 2022, up 34 percent from 91,429 in 2021. Doubling sales means it needed to deliver about 240,000 vehicles in 2023.
However, Nio delivered 160,038 vehicles in 2023, a growth rate of just 30.66 percent year-on-year.
Nio has 32,820 full-time employees at end of 2023, 1,188 in Europe, ESG report shows
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