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Nio, China rival to Tesla, says U.S. head to step down

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The head of the United States division of the electric carmaker, Nio Inc will be leaving the company.

A main rival of Tesla Inc stated on Friday in a filing about the departure which will be the first major one in the department since the IPO was issued in September.

The company stated that Padmasree Warrior who is the chief executive officer of the USA branch of NIO and also the Global Chief Development Officer will be resigning from her post due to “personal interests.” She’ll be resigning on the 17th of December.

Nio which was earlier known as NextEV was joined by Warrior in 2015. She led the company along with the founder who is also the CEO of the company, William Li.

Source: i-invdn-com.akamaized.net

She along with Li worked together to push the company at the number one level in the most legitimate challengers in the electric vehicles.

Warrior worked as the Chief Technology and Strategy Officer at the Cisco Systems and at Motorola she was the Chief Technology Officer, before she joined Nio.

China is the largest as well as the fastest growing market in the world when taken into consideration the energy vehicles.

Energy vehicles comprises of that category of vehicles which has electric battery cars along with electric hybrids that are plug in type.

Source: cnbc

In the first 10 months of the year 2018, the sales of NEV came to 860,000 which were up by 75.6 percent for year-on-year.

However, the competition is increasing as the country capital; Beijing seeks to rein when it comes subsidies which will lead to a huge array in the contenders of EV which are entering the market. Some of these contenders are now being weeded out.

Tesla, a rival to Nio will also be setting up a manufacturing unit in Shanghai so as to increase its presence in the market of China.

Source: Reuters, CNBC

Ketakee Srivastava
I am an amateur content writer, who is currently pursuing a Masters in Finance from ICFAI Business School. In this highly volatile Business Market, I find no better way to keep myself updated than to write about it and reflect my own thoughts as words.

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