Two weeks after the sudden departure of the previous CFO Louis Hsieh, NIO appointed the pre-CICC's (China International Capital Corp) auto analyst Feng Wei as the successor of Louis.
From sell-side to the executive team, Feng will face the challenge of securing funds for the unprofitable carmaker battles an unprecedented nosedive in Chinese auto sales, including electric vehicles.
According to Bloomberg, 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 Friedichshafen AG and China's Everbright Securities.
William Li, NIO's founder, chairman and chief executive officer, said, "On behalf of the Board of Directors and management team, I am excited to welcome Mr. Feng to NIO. His financial and operational experience in the automotive-related fields, together with an impressive track record in equity research, makes him an excellent choice to lead our finance teams. Particularly with his deep insight into the automotive industry, I am confident Wei will be an invaluable asset to NIO as we continue to execute toward our long-term vision.”
More to come.