NIO Inc. ( NIO ) shares are trading lower after the company disclosed that Steven Wei Feng has resigned as the Chief Financial Officer for personal and family reasons, effective July 5, 2024.

The board of directors also approved the concurrent promotion of Stanley Yu Qu, the company’s Senior Vice President of Finance, to the position of Chief Financial Officer.

Before joining NIO in October 2016, Qu held several positions in financial leadership at prominent multinational companies such as Lear Corporation ( LEA ) and Johnson Controls International Plc ( JCI ) between 2013 and 2016.

This week, NIO disclosed that it delivered 21,209 electric vehicles in June 2024, representing an increase of 98.1% Y/Y, and 57,373 EVs in the second quarter of 2024, representing an increase of 143.9% Y/Y.

As of June 30, 2024, cumulative deliveries of NIO vehicles reached 537,020.

Also Read: Tesla’s Chinese Rival NIO’s NOMI GPT Surpasses 10M Interactions

Price Action: NIO shares are down 2.26% at $4.76 premarket at the last check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Read Next:

Tesla’s Chinese Rival NIO Expands Presence In Germany With New Showroom Amid EU Tariff Tensions