Benzinga | Jan 3, 2022 04:20AM EST

Nio Executive Moves Over To Another Chinese EV Startup As CEO

Shanghai, China-headquartered electric vehicle startup Aiways has roped in a former Nio Inc (NYSE:NIO) executive as its chief executive officer, cnEVpost reported on Monday, citing several Chinese media reports.

Airways has roped in Nio's Zhang Yang as part of the latest restructuring as the company looks to move past the current weak performance.

Aiways has a manufacturing base in Shangrao, China and has an initial annual production capacity of 150,000 units. The electric-vehicle startup is reportedly looking to raise around $300 million via a U.S. initial public offering.

The latest move indicates China's homegrown electric companies including Nio, Xpeng Inc (NYSE:XPEV), and Li Auto Inc (NASDAQ:LI) could be seen as a breeding ground of talent for the rest of the industry.

Read Next: Volkswagen Misses 2021 ID. Target In China, Beats Nio Deliveries In December But Falls Short Of These Startups