Shanghai (ZXZC)- Jack Cheng, NIO's co-founder, has been appointed as chief executive officer (CEO) of Foxconn’s electric vehicle (EV) platform business, according to a local media outlet.

Jack Cheng had left his position as executive vice president of NIO and would transform his role to being an adviser, William Bin Li, founder, chairman and CEO of NIO, said in an internal e-mail sent about five months ago.

Mr. Cheng joined NIO in the second-half of 2015 and together with Li set up the core team. He also made significant contribution to the company's supply chain, industrialization and driving technologies.

“After his honorable retirement, Jack will continue to be William's personal advisor, supporting the company in supply chain and partnership, and sustain his capacity as chairman of XPT”, Li added in the internal memo.

Photo credit: Foxconn

Foxconn, the Apple's main iPhone assembler, recently became a big draw in automotive industry. On Jan. 13, 2020, it agreed with Zhejiang Geely Holding Group (Geely Holding) to build a joint venture works on offering contract manufacturing service and tailor-made counseling to global automakers and mobility service providers.

The joint venture will be 50/50 held by Geely and Foxconn. Among the five members of the board of directors, three are from Foxconn. The chairman will be delegated by the Taiwan-headquartered company as well.

The Taiwan-headquartered company last week signed a framework agreement with BYTON and Nanjing Economic and Technological Development Zone to jointly promote the volume production of the startup's M-Byte.

According to corporate data platform Tianyancha, a Foxconn-backed new energy vehicle tech company was founded on Jan. 12, 2020. Dubbed Nanjing Futeng New Energy Vehicle Technology Co.,Ltd., the new company is wholly controlled by Hong Fu Jin Precision Industry (Shenzhen) Co.,Ltd., an affiliated company of Foxconn. Its line of business includes the R&D and manufacturing of auto components.