Liao Bing, the CEO of GAC Nio, a joint venture between GAC Group and Nio, announced on Weibo today that he has officially resigned as CEO of GAC Nio and all executive positions in its subsidiaries and branches on January 22.

(Automatic translation of Liao's Weibo page)

The announcement of his departure was made at a staff meeting on January 7, jiemian.com said earlier this month, citing insiders close to the company.

Liao will rejoin GAC after GAC Nio's latest strategic financing is completed, the report said.

Liao previously worked in R&D, quality, strategy, and management at GAC Honda, GAC Parts, GAC Fiat Chrysler, and GAC Research Institute, and was assistant director of GAC Research Institute before founding GAC Nio.

GAC Nio was established on April 10, 2018, with GAC Group and GAC New Energy each holding 22.5%, Nio Auto and Nio Fund each holding 22.5%, and the remaining 10% of shares held by the founding team.

GAC Group announced on January 5 that it agreed to increase the capital of GAC Nio by introducing strategic investors, totaling approximately 2.405 billion yuan ($370 million).

GAC Group, through its wholly-owned subsidiary GAC Aion, has increased its capital to GAC Nio by approximately RMB 482 million, and Guangdong Zhujiang Investment Smart Technology Investment Company Limited has increased its capital as a strategic investor by approximately RMB 1.923 billion.

After the completion of the capital increase, GAC Group and its wholly-owned subsidiary GAC Aion hold a total of 25% equity interest in GAC Nio.

Before receiving this financing, GAC Nio's financing progress was stuck in the angel round.

In 2019, GAC Nio launched its first product, the HYCAN 007, which was launched with the expectation of "15,000 units by 2020". However, when it began deliveries, GAC Nio lowered its forecast to 5,000 to 10,000 units.

GAC NIO CEO reportedly to leave company in March

(Liao Bing. Source: GAC Nio)