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NIO announces bankruptcy? Latest response

白云追月素
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On August 31, the WeChat official account of the Legal Department of Weilai issued a statement saying that the false information of "Weilai declared bankruptcy" suddenly appeared on the Internet recently, which was then widely spread maliciously and suspected of serious violations of the law. The company has called the police.
The details are as follows:
[align center] "Statement on recent malicious rumors"

Yesterday, we noticed that false information about "NIO announcing bankruptcy" suddenly appeared on the internet, which was then widely spread maliciously and suspected of serious illegal activities. We have reported this to the police and will take other legal measures to hold the illegal personnel who planned, manufactured, and spread this rumor legally responsible.
The internet is not a lawless place, and the development of the automotive industry requires healthy competition. For such behavior that has no bottom line, insults intelligence, and maliciously defames NIO's reputation, NIO will actively take legal action to safeguard its legitimate rights and legal dignity.
NIO Legal Department
August 31, 2024
According to previous reports, NIO's Hong Kong stock has fallen by 60% this year, and the current stock price has dropped by more than 80% compared to its high point more than two years ago. In 2023, NIO's net profit attributable to its parent company reached a loss of 21.15 billion yuan, a significant increase of 45% year-on-year. After losing 23.3 billion yuan in 2018, NIO's loss amount has once again returned to over 20 billion yuan. According to statistics, NIO incurred a cumulative loss of 86.63 billion yuan from 2018 to 2023.
In the current fierce competition of new energy vehicles, the three new car making forces of "Wei Xiaoli" are each carrying varying degrees of pressure. From the first quarter data, NIO is facing more severe pressure than the other two companies.
As of the close on August 30th, NIO reported HKD 33.60 per share, with a total market value of HKD 70.124 billion.
Source: NIO Legal Department, Shenzhen Business Daily
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