NIO (NYSE: NIO) stock fell in pre-market trading Monday after the EV maker announced the resignation of CFO Feng.
NIO, the Chinese electric vehicle (EV) manufacturer, announced on Friday that Steven Wei Feng has stepped down as Chief Financial Officer (CFO), effective immediately. The company cited personal reasons for his departure.
Stanley Yu Qu, an insider who joined NIO in October 2016 and recently served as Senior Vice President of Finance, will succeed Feng.
Stanley Yu Qu is now responsible for navigating the company’s finances through several challenges facing the electric vehicle (EV) industry, including an ongoing price war and tightened restrictions on Chinese imports. Qu brings a wealth of experience to his new role, having held financial leadership positions at Lear Corporation (NYSE: LEA) and Johnson Controls (NYSE: JCI) from 2013 to 2016. He also spent a decade at the accounting firm PwC.
This leadership change came shortly after the EV maker issued an update on June and Q2 2024 deliveries. The company reported delivering 21,209 electric vehicles in June 2024, reflecting a 98.1% year-over-year increase. For the second quarter of 2024, NIO delivered 57,373 EVs, marking a substantial 143.9% increase compared to last year. As of June 30, 2024, NIO’s cumulative deliveries reached 537,020 vehicles.
NIO (NYSE: NIO) Stock Movement
As of 09:12 a.m. (Eastern Time) Monday, NIO stock traded at $4.52, marking a 2.05% decrease compared to the previous trading session.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
