NIO co-founder leaves the EV startup in the middle of a tumultuous year

Chinese Electric Car Maker NIO Inc. Opens Trading On NYSE On Day Of Company’s IPOPhoto by Drew Angerer/Getty Images

One of the co-founders of Chinese EV startup NIO is leaving the company, a spokesperson has confirmed to The Verge. Jack Cheng, who spent nearly three decades running Ford’s Chinese operation, is retiring “due to his age,” according to an internal memo first by the Financial Times.

Cheng’s departure is coming in the middle of a tumultuous year for NIO, one where the startup has struggled to maintain the level of sales it saw in its first few months of deliveries in 2018. The Tencent-backed company’s other two founders, William Li and Lihong Qin, still serve as NIO’s CEO and president, respectively.

NIO’s first vehicle, the ES8 SUV, started shipping last summer, a few months ahead of the company’s public listing on the New York Stock…

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Author: Sean O’Kane