Smart and Sustainable Electric Mobility
Nio today announced changes to its board of directors, with two people appointed by CYVN Holdings joining and one person appointed by Tencent dropping out.
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The autonomous driving development and cockpit businesses of the Alps sub-brand are largely integrated with the Nio brand, with some businesses still operating independently, according to local media.
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In the letter, Li laid out his views on the competition in the EV industry in 2024, as well as Nio's priorities.
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Nio needs to continue to improve its financial performance to support the company's sustainable growth, and has a responsibility and obligation to put every penny of investor and shareholder money to good use, Li said.
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Nio's hardware chief Bai Jian has confirmed that he's taking over the phone business, and hinted that the Nio Phone may use the company's own image signal chips.
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The shake-up of the phone team doesn't mean the business will stop, and Nio will launch at least 3 generations of smartphones, according to local media.
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At the end of February, Li's stake in Nio was 10.5 percent, with 44.2 percent of the voting rights. CYVN will hold a 20.1 percent stake in Nio after its latest investment.
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Edison Yu's team believes that Nio can cut costs in five areas: battery cells, chip development, battery swap, dealer network, and phone.
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A report earlier today said some of Nio's departments were asked to prepare reserve lists of layoffs, which may widen the original dismissals to 20 percent to 30 percent.
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Wen Yonggang, Professor and Chair of the School of Computer Science and Engineering at Nanyang Technological University, Singapore, has been appointed as a new independent director of Nio.
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