Phate Zhang

The focus will shift to the expected production ramp-up of three new models starting in late March this year.

Nio has more than 100 subsidiaries located in multiple regions, resulting in the need for additional time to prepare for capital liquidity disclosures, the company said.

Nio has applied to the Singapore Exchange for a secondary listing by way of introduction, and the exchange is reviewing the application.

Unlike the dual primary listings of Xpeng and Li Auto, Nio will have a secondary listing in Hong Kong and will not issue any new shares.

The team does not see compelling reason to own the stock as it will not have new products until the third quarter and the new EREV will target a relatively small segment.

The addition of the manufacturing site will further enhance the company's ability to meet growing demand, Li Auto said.

The model is a full-size luxury SUV with next-generation extended-range technology, a new intelligent cabin and intelligent driving technology.

Wang will continue to serve as a senior advisor to the company until December 31, 2022, to ensure a smooth transition, Li Auto said.

Li Auto's guidance for first quarter deliveries is 30,000-32,000 vehicles, the same as its previous guidance for the fourth quarter of last year.

The M5 is available in three versions with a starting price of RMB 249,800 ($39,560).