NIO Inc. Announces Substantial Completion of Independent Internal Review
August 26 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 provided an update on the status of
the previously announced independent internal review. As previously
disclosed, shortly after the publication of a report issued by the
short-seller firm Grizzly Research LLC on June 28, 2022 (the “Short
Seller Report”), an independent committee of the board of directors
(the “Independent Committee”), consisting of independent directors
Mr. Denny Ting Bun Lee, Mr. Hai Wu, and Ms. Yu Long, was formed to
oversee an independent internal review regarding the key
allegations made in the Short Seller Report (the “Internal
Review”). The Internal Review was performed by the Independent
Committee with the assistance of third-party professional advisors
including an international law firm and forensic accounting experts
from a well-regarded forensic accounting firm that is not the
Company's auditor. The Internal Review is now substantially
complete. Based on findings of the Internal Review, the Independent
Committee has concluded that these allegations were not
substantiated.
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’s
product portfolio consists of the ES8, a six- or seven-seater
flagship premium smart electric SUV, the ES7, a mid-large
five-seater premium smart electric SUV, the ES6, a five-seater
high-performance premium smart electric SUV, the EC6, a five-seater
premium smart electric coupe SUV, the ET7, a flagship premium smart
electric sedan, and the ET5, a mid-size premium smart electric
sedan.
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 Stock Exchange of Hong Kong
Limited (the “SEHK”) and the Singapore Exchange Securities Trading
Limited (the “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, ES7, ES6, EC6, ET7 and ET5; 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
Investor Relationsir@nio.com
Media Relationsglobal.press@nio.com
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