Nio CFO Feng steps down, EV maker names insider as successor By Reuters

(Reuters) – China-based electric car maker Nio (NYSE: ) said on Friday that Steven Wei Feng has resigned as chief financial officer, effective immediately, citing personal reasons.

Feng was to be succeeded by insider Stanley Yu Qu, who had joined the company in October 2016 and last served as senior vice president of finance.

Qu is now tasked with steering the company’s finances through several challenges facing the electric car industry such as a price war and tighter restrictions on Chinese imports.

Prior to joining Nio, Qu held corporate finance leadership roles, including Lear (NYSE:) Corporation and Johnson Controls (NYSE: ), from 2013 to 2016. He had also worked at the accounting firm PwC for ten years before that.

US-listed Nio shares fell 2.5% in premarket trading.