Nio, China’s top electric car start-up by funding, has been hit by the departure of one of its founders after financial pressures led the company to cut its workforce by 10 per cent and sell its prizewinning racing team.
Company founder and former executive vice-president Jack Cheng left the company on Wednesday, according to an internal memo. Mr Cheng is a Taiwanese former Ford executive who often served as the company’s international face.
Nio, which has been compared with Tesla because of its focus on selling premium electric cars, raised $1bn in a New York listing last year. But its share price has declined 54 per cent this year and its vehicle deliveries halved in the most recent quarter to 3,984 from the previous quarter.
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