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NIO denies rumor of leaving NYSE, while re-going public on China’s STAR market

Monika From Gasgoo| August 19 , 2019

Shanghai (Gasgoo)- NIO doesn't plan to go public on China's tech-focused science and technology innovation board (STAR Market) in near term and its office in Silicon Valley is still in a normal operational status, the Chinese EV startup announced on August 19 via its Sina Weibo.

The latest announcement was given as the denial to recent reports that said NIO was planning to pull out of the New York Stock Exchange (NYSE) and was ready to be re-listed on the capital market through the STAR Market.

At the same time, it was also reported that NIO was continuing a new round of layoff that was to reduce number of employees from 8,000 to 5,500.

NIO deny STAR market, NIO July delivery, China automotive news

“The plan about going public on the STAR Market and closing the office in Silicon Valley mentioned in recent reports were untrue,” said NIO, “as a crucial base for our global strategy, Silicon Valley office has been operating in a normal status. The employee optimization has been promoting in an orderly manner as a systematic efficiency is what we are highlighting now. Besides, NIO has no plan to enter the STAR market in the near future.”

The EV manufactured was hit by several battery firing incidents related to its first production model, the ES8 SUV. It issued a massive recall to swap out battery packs on roughly 4,800 affected vehicles in late June.

The battery recall evidently affected NIO's delivery performance last month. In July, NIO handed over 837 new vehicles, versus 1,340 units delivered a month ago.

“Our deliveries in July were negatively impacted by multiple factors,” said William Li, founder, chairman and chief executive officer of NIO. “In July we completed our voluntary battery recall for 4,803 ES8s. During the month, we prioritized battery manufacturing capacity for this effort, which significantly affected our production and delivery results.”

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