NIO Inc. Provides Update on Response to Short Seller Report
July 11 2022 - 5:30AM
NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the
“Company”), a pioneer and a leading company in the premium smart
electric vehicle market, today announced that following its
previous statement in response to the allegations made in a report
issued by the short-seller firm Grizzly Research LLC on June 28,
2022 (the “Short Seller Report”), the Company’s board of directors
(the “Board”), including the audit committee of the Board, after
having reviewed the allegations, at the recommendation of the
management of the Company and in order to protect the interests of
all shareholders, has decided to form an independent committee (the
“Independent Committee”), consisting of independent directors Mr.
Denny Ting Bun Lee, Mr. Hai Wu, and Ms. Yu Long, to oversee an
independent investigation regarding the allegations made in the
Short Seller Report (the “Independent Investigation”). The
Independent Committee has retained independent professional
advisors to assist with the Independent Investigation, including an
international law firm and a well-regarded forensic accounting
firm.
The Company will provide updates on the
Independent Investigation in due course consistent with the
requirements of applicable rules and regulations of the Securities
and Exchange Commission, the New York Stock Exchange, The Stock
Exchange of Hong Kong Limited (the “SEHK”) and the Singapore
Exchange Securities Trading Limited (the “SGX-ST”).
The Company reiterates its continued and
unwavering commitment to maintaining high standards of corporate
governance and internal control, as well as transparent and timely
disclosure in compliance with applicable rules and regulations.
About NIO Inc. NIO Inc. is a
pioneer and a leading company in the premium smart electric vehicle
market. Founded in November 2014, NIO’s mission is to shape a
joyful lifestyle. NIO aims to build a community starting with smart
electric vehicles to share joy and grow together with users. NIO
designs, develops, jointly manufactures and sells premium smart
electric vehicles, driving innovations in next-generation
technologies in autonomous driving, digital technologies, electric
powertrains and batteries. NIO differentiates itself through its
continuous technological breakthroughs and innovations, such as its
industry-leading battery swapping technologies, Battery as a
Service, or BaaS, as well as its proprietary autonomous driving
technologies and Autonomous Driving as a Service, or ADaaS. NIO
launched the ES8, a seven-seater flagship premium smart electric
SUV in December 2017, and began deliveries of the ES8 in June 2018
and its variant, the six-seater ES8, in March 2019. NIO launched
the ES6, a five-seater high-performance premium smart electric SUV,
in December 2018, and began deliveries of the ES6 in June 2019. NIO
launched the EC6, a five-seater premium smart electric coupe SUV,
in December 2019, and began deliveries of the EC6 in September
2020. NIO launched the ET7, a flagship premium smart electric
sedan, in January 2021, and began deliveries of the ET7 in March
2022. NIO launched the ET5, a mid-size premium smart electric
sedan, in December 2021. NIO launched the ES7, a mid-large
five-seater premium smart electric SUV, in June 2022.
Safe Harbor Statement This
press release contains statements that may constitute
“forward-looking” statements pursuant to the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “likely to”
and similar statements. NIO may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in announcements, circulars or other publications
made on the websites of each of the SEHK and SGX-ST, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about NIO’s
beliefs, plans and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: NIO’s
strategies; NIO’s future business development, financial condition
and results of operations; NIO’s ability to develop and manufacture
a car of sufficient quality and appeal to customers on schedule and
on a large scale; its ability to ensure and expand manufacturing
capacities including establishing and maintaining partnerships with
third parties; its ability to provide convenient and comprehensive
power solutions to its customers; the viability, growth potential
and prospects of the newly introduced BaaS and ADaaS; its ability
to improve the technologies or develop alternative technologies in
meeting evolving market demand and industry development; NIO’s
ability to satisfy the mandated safety standards relating to motor
vehicles; its ability to secure supply of raw materials or other
components used in its vehicles; its ability to secure sufficient
reservations and sales of the ES8, ES6, EC6, ET7, ET5 and ES7; its
ability to control costs associated with its operations; its
ability to build the NIO brand; general economic and business
conditions globally and in China and assumptions underlying or
related to any of the foregoing. Further information regarding
these and other risks is included in NIO’s filings with the U.S.
Securities and Exchange Commission and the announcements and
filings on the websites of each of the SEHK and SGX-ST. All
information provided in this press release is as of the date of
this press release, and NIO does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For more information, please visit:
http://ir.nio.com
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