NIO replaces its Chief Financial Officer (CFO).
On July 5th, NIO announced that Feng Wei had resigned from the position of Chief Financial Officer due to personal and family reasons, and approved the promotion of Senior Vice President of Finance, Qu Yu, to the new Chief Financial Officer.
NIO stated that Qu Yu joined NIO in October 2016 and demonstrated strong professional skills and leadership in overseeing the overall financial and reporting functions of the company. The board of directors believes that Qu Yu is a highly qualified and suitable candidate.
According to the official website of NIO, Qu Yu joined the company in October 2016. Prior to joining, Qu Yu held multiple financial leadership positions in leading multinational companies such as Lear and Johnson Controls from 2013 to 2016. Prior to this, he worked at PwC for ten years. Qu Yu obtained a Bachelor's degree in Accounting from Peking University and a Master's degree in Accounting from Shanghai University of Finance and Economics.
According to previous announcements, Feng Wei was appointed as CFO on November 18, 2019 and served at NIO for over 4 years. Before joining NIO, Feng Wei served as the Managing Director of the Research Department and Chief Analyst of the Automotive and Parts Industry at China International Finance Corporation. Before joining CICC, Feng Wei worked as an industry analyst at Everbright Securities Limited from 2010 to 2013. Prior to this, Feng Wei had worked at ZF Group for more than five years. Feng Wei holds a Bachelor's degree in Automotive Engineering from Tsinghua University, as well as dual Master's degrees in Automotive Engineering from Aachen University of Technology and Tsinghua University.
According to data previously released by NIO, 21200 cars were delivered in June, a year-on-year increase of 98.1%. In the second quarter of this year, a total of 57000 cars were delivered, a year-on-year increase of 143.9%, with monthly and quarterly delivery volumes reaching new highs.
On June 6th, NIO released its first quarter financial report for 2024, achieving a revenue of 9.909 billion yuan during the reporting period, a year-on-year decrease of 7.2%; Net loss of 5.185 billion yuan, an increase of 9.4% year-on-year; Its gross profit margin for automobiles was 9.2%, 5.1% in the same period of 2023, and 11.9% in the fourth quarter of last year.
As of the close of the Hong Kong stock market on July 5th, NIO fell 0.8% to close at HKD 37.3; As of the close of the US stock market on the 4th, NIO rose 7.51% to $4.870. According to Wind, since the beginning of this year, NIO Hong Kong stocks have experienced a cumulative decline of nearly 50%.