EO Automotive has exclusively learned that on June 11th, NIO Chairman and CEO Li Bin sent a welcome letter to the company, announcing that Bagrin Angelov (Anguobang) will serve as NIO's Vice President of Capital Markets, reporting to CFO Qu Yu.

This is another "China International Capital Corporation" executive welcomed by NIO.

Bagrin Angelov's personal social media platform shows that he has over 20 years of experience in cross-border transactions, having served as the Managing Director and Head of Cross border Mergers and Acquisitions at China International Capital Corporation (CICC) for the past 10 years.

Exclusive | NIO welcomes another 'China International Capital Group' executive

Bagrin Angelov's resume, image from personal LinkedIn profile

The previous CFO of NIO, Feng Wei, also came from CICC and served as the Managing Director of the Research Department and Chief Analyst of the Automotive and Parts Industry at CICC. Last July, Feng Wei resigned due to personal and family reasons. Wei Yu, then Vice President of NIO Capital Markets and Investor Relations, also resigned during the same period.

Li Bin stated in the welcome letter that Bagrin Angelov has over 20 years of global experience in capital market transactions, corporate development strategies, and corporate growth. He has held management positions in the Middle East and Europe and has outstanding performance in cross-border transactions, corporate joint ventures, financing, and cooperation.

The addition of Bagrin Angelov is expected to open up new investment and financing channels for NIO.

Currently, NIO is experiencing its darkest moment since 2019.

In the first quarter report released on June 3rd, almost all financial indicators of NIO deteriorated: the gross profit margin of bicycles returned to 10%, bicycle revenue was only 236000 yuan, and the adjusted net loss reached 6.27 billion yuan, which resulted in NIO's cash reserves of only 26 billion yuan in the quarter, a loss of 15.9 billion yuan from the previous quarter.

In addition, as of the end of the first quarter, NIO's current liabilities exceeded its current assets, and shareholder equity turned negative.

NIO stated in its financial report that based on an assessment of the company's ability to continue operating and liquidity, its existing financial resources are sufficient to support normal operations for the next 12 months. However, while NIO is actively selling cars, it is also seeking external funding support. In April of this year, NIO completed a 4.03 billion yuan equity placement, supplementing a certain amount of liquidity.

On June 11th, in response to the important measures of the State Council's "Regulations on Guaranteeing Payment for Small and Medium sized Enterprises", NIO announced on its official Weibo account that it will continue to implement payment terms within 60 days, work together with upstream and downstream partners to promote the high-quality development of China's automotive industry, and create a sustainable and better future through practical actions to promote efficient flow of upstream and downstream funds and help promote the coordinated development of the industrial chain.

Although this move will help the automotive industry achieve truly high-quality development, it will further put pressure on NIO's financial situation, which is struggling financially.

The arrival of Bagrin Angelov may help improve NIO's poor financial situation.