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Aya Lin · · 1 min readIn brief: With co-founder’s exit, Nio’s future becomes uncertain
- Jack Cheng, co-founder of Chinese electric-vehicle maker Nio, has left his position as executive vice president and will transition to the role of adviser after four years of helping to build the company, TechNode reported.
- The development comes after the company faced rapid downsizing, massive recalls, and huge losses.
- The management shake-up casts fresh doubt on the EV maker’s future amid a 13-month drop in sales in the Chinese auto market.
- Nio suffered a 40% decline in sales in July, and it reported a 50% fall in revenue for the first quarter of this year.
Editing by Charmaine de Lazo
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