On July 5th, NIO announced an important executive change involving the position of Chief Financial Officer (CFO). According to a statement disclosed by NIO on the Hong Kong Stock Exchange, former CFO Feng Wei left due to personal and family reasons, and the company's board of directors also approved the promotion of Senior Vice President of Finance, Qu Yu, to the new CFO.
Take a photo of Qu Yu, CFO of NIO, at the 2021 event.
NIO expressed sincere gratitude for Feng Wei's contributions in the announcement and wished him all the best in the future. According to Southern Metropolis Daily reporters, Feng Wei joined NIO in November 2019. At that time, Feng Wei took over Xie Dongying and took on the responsibility of external financing and internal accounting management. 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.
After nearly 5 years of cultivation, Feng Wei handed over the relay baton to Qu Yu. According to executive information disclosed on the NIO website, the newly appointed CFO Qu Yu holds a Bachelor's degree in Accounting from Peking University and a Master's degree in Accounting from Shanghai University of Finance and Economics. Qu Yu joined NIO in October 2016. Prior to this, she held multiple financial leadership positions at leading multinational companies such as Lear and Johnson Controls from 2013 to 2016. Earlier, he worked at PwC for ten years.
According to Tianyancha, Qu Yu is currently the Chairman of Wuhan Weineng Battery Asset Co., Ltd., the General Manager of Shanghai Weilai Financial Leasing Co., Ltd., and the General Manager of Anhui Weilai Data Technology Co., Ltd.
NIO's evaluation of Qu Yu in the announcement is that he has 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.
Based on NIO's latest June sales report, the market has a more optimistic expectation that NIO will one day turn losses into profits. In June, NIO's sales exceeded 20000 units and delivered 21209 new cars, a year-on-year increase of 98%. That is to say, NIO has entered the 20000 car club for two consecutive months.
In addition, NIO's subsidiary brand, LeEco, is expected to launch and deliver its first new car, the L60, in September. LeEco President Ai Tiecheng stated that the order volume for the L60 far exceeded expectations. It is worth looking forward to whether LeDao can become the second curve of NIO's revenue growth as expected.