Feng Wei joins NIO as CFO

Shanghai-based electric car company NIO announced Feng Wei as its new chief financial officer on Monday.

Feng succeeds Louis Hsieh, who resigned in October for personal reasons.

Feng, managing director at China International Capital Corp since 2013, has also worked for German autoparts maker ZF and China’s Everbright Securities.

NIO has faced challenges that include securing funds, a relatively low share price and a lackluster market.

Industry analysts say new-energy vehicle companies face difficulties when they need funding. China's new-energy vehicle sales fell 45.6 percent to 75,000 in October, while production declined 35.4 percent to 95,000, according to data from the China Association of Automobile Manufacturers.

By the end of the third quarter, NIO had its workforce to 7,800, from 9,900 employees in January, to reduce costs. Shares in NIO Inc, a NYSE listed company, were below US$2 on Monday.