Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
WeRide to Test Fully Autonomous Vehicles in Guangzhou
Trending in China: Why Are Chinese Netizens Saying Kanye West Could be ‘China’s First’ U.S. President?
Trending in China: Will Weibo’s Fight Against Porn Have Other Unintended Side Effects
Tencent Leads $40 Million Investment in Online Art Educator
Alibaba Aims to Facilitate $1.4 Trillion in Sales Annually By 2024
Trending in China: Death of Giant Panda Cubs Sparks Concerns About Treatment of ‘National Treasure’
China CFO of Indian Oyo Quits to ‘Pursue Other Professional Opportunities’
Sequoia Capital Opens Its First Tech Incubation Center in Shanghai
Some 266 Foreign-Invested Firms Approved to Offer Telecom Services in China in First Half of 2020
Trending in China: Should Internet Celebrities Be Part of the School Curriculum?
Sequoia China Leads Nearly $100m Round in Storytelling App Kuaidian
Medical Robot Maker Finds Elixir in STAR Board’s Market Reforms
Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
Luckin Coffee Shareholders Vote to Remove Chairman, Bloomberg Reports
France Won’t Ban But Will Discourage Use of Huawei 5G Equipment, Official Says
Trending in China: ‘Lipstick King’ Li Jiaqi Settles in Shanghai, Prompting a Rethink of ‘Talent’
Tencent Plays in U.S. With California Game Studio Launch
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Embattled Electric Car-Maker Nio Hires Auto Analyst as New CFO

By Bloomberg / Nov 14, 2019 10:42 AM / Business & Tech

Photo: VCG

Photo: VCG

(Bloomberg) — Nio hired an analyst covering the Chinese electric car-maker as its next chief financial officer, according to people familiar with the matter.

Feng Wei, an auto analyst at China International Capital Corp. (CICC), will join Nio by as soon as next week, according to the people, who asked not to be identified discussing a private matter. Feng would succeed Louis Hsieh, who resigned late last month citing personal reasons.

Nio declined to comment, as did CICC. Feng didn’t immediately comment.

Feng joined CICC in 2013, rising to managing director with a focus on the auto industry. After obtaining Master’s degrees from Tsinghua Univeristy and RWTH Aachen, he went on to work for German-auto component maker ZF Friedrichshafen and China’s Everbright Securities.

The new CFO will face the challenge of securing funds for Nio secure as the unprofitable carmaker battles an unprecedented slump in Chinese auto sales, including electric vehicles. Backed by technology giant Tencent Holdings, it sought $200 million from founder William Li and a Tencent affiliate, and plans to spin off some businesses and reduce jobs.

By the end of the third quarter, Nio had cut its workforce to 7,800 from 9,900 employees in January. Having burned through more than $5 billion in four years, the company failed last month in its attempt to get local government funding, according to media reports.

China’s EV sales have slumped for four consecutive months, while the overall auto market is down in 16 of the 17 past months. That’s impacting fundraising for EV startups in China, according to rival Xpeng Motors.

U.S. shares of the company fell 4.2% in early trading in New York on Wednesday to $1.86. They have dropped more than 70% this year.

As an analyst, Feng last held a neutral rating on Nio with a price target of $2.50 a share, according to data compiled by Bloomberg.

Related: Nio Jumps 37% After Intel Tie-Up for Automated-Vehicle Tech
Share this article
Open WeChat and scan the QR code