Shanghai-based EV maker Nio has said its Chief Financial Officer, Steven Wei Feng, has stepped down effective immediately due to “personal and family reasons.”

He joined the firm in 2019. In a statement, it said: “The company greatly appreciates Mr. Feng’s contributions” and “wishes him the best in his future endeavours.”

Nio has approved to concurrently promote its Senior Vice President of Finance Stanley Yu Qu as the new CFO.

With a background in accounting and economics, Mr Qu joined the automaker in 2016, and will now be tasked with guiding the EV maker through various challenges, including ongoing price wars and the recently proposed hikes to Chinese imports to the EU and US.

Nio said: “The board believes that Mr. Qu is a highly qualified and suitable candidate.”