亿欧汽车 Exclusive:On June 11, William Li, CEO of NIO, sent a welcome letter internally announcing that Bagrin Angelov will assume the role of Vice President of Capital Markets at NIO, reporting to CFO Steven Qu.
Angelov becomes another senior executive joining NIO from the ranks of China International Capital Corporation (CICC).
Angelov’s personal social media profile indicates he has over 20 years of cross-border transaction experience. For the past decade, he served as Managing Director and Head of Cross-Border M&A at China International Capital Corporation (CICC).
NIO’s previous CFO, Feng Wei, also came from CICC, where he held the positions of Managing Director of Research and Chief Analyst for the Automotive and Components sector. Feng Wei resigned in July last year due to personal and family reasons. Wei Yu, then Assistant Vice President of Capital Markets and Investor Relations at NIO, also left around the same time.
In the welcome letter, Li Bin stated that Bagrin Angelov possesses over 20 years of global experience in capital market transactions, corporate development strategy, and business growth. He has held management positions in the Middle East and Europe, with an impressive track record in cross-border deals, corporate joint ventures, financing, and partnerships.
In its Q1 financial report released on June 3rd, nearly all of NIO’s financial metrics deteriorated: gross margin per vehicle returned to 10%, revenue per vehicle was only 236,000 yuan, and the adjusted net loss reached 6.27 billion yuan. This caused NIO’s cash reserves to drop to 26 billion yuan at the end of Q1, a decrease of 15.9 billion yuan from the previous quarter.
Furthermore, by the end of Q1, NIO’s current liabilities exceeded its current assets, and shareholders’ equity turned negative.
NIO stated in its financial report that, based on its assessment of the company’s going concern capability and liquidity, existing financial resources are sufficient to support normal operations for the next 12 months. Nevertheless, while actively selling cars, NIO is indeed seeking external funding support. In April this year, NIO completed a RMB 4.03 billion equity placement, bolstering its liquidity to some extent.
Angelov’s joining is expected to open new avenues for NIO’s investment and financing activities.
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