Nio has hired Feng Wei, an auto analyst with investment firm China International Capital Corp., as its next CFO, Bloomberg reported, citing people familiar with the matter.
Feng, who also covers Nio, last had a Neutral rating on the stock, the report said.
The company is likely to a make announcement regarding the hire as soon as next week, Bloomberg said.
Feng is chief risk officer at CICC, according to Bloomberg's executive profile and biography. Before CICC, the analyst worked at German auto parts maker ZF Friedichshafen as well as at China's Everbright Securities.
Feng will likely be left with the onus of securing funds for the beleaguered automaker, which has been making losses and is finding it tough to boost the top-line amid a sagging economic milieu and the Chinese government's decision to curb EV subsidies.
Nio shares were trading down 0.52% at $1.93 at the time of publication.
Photo courtesy of Nio.