(Yicai Global) Aug. 15 -- Nio co-founder and auto industry veteran Jack Cheng is reportedly to step down as executive vice president of the Chinese new energy vehicle maker to concentrate on his work at XPT, a firm that develops core components for Nio.

Cheng will continue to advise fellow Nio founder and Chairman Li Bin, The Paper reported yesterday, citing a company circular. Cheng is chairman of XPT, which develops batteries, engines and electric control systems.

Cheng, 61, joined Shanghai-based Nio, China's Tesla rival, in the second half of 2015 and together with Li set up the core team. With almost 40 years of experience in the auto sector under his belt, he made significant contributions to the firm's supply chain, industrialization and driving technology.

He previously worked for Ford Motor, then served as vice president of Fiat China's Global Purchasing Center and later as general manager of joint venture GAC Fiat Chrysler Automobiles.

Nio raised USD1 billion on its New York Stock Exchange listing last September, but it continues to lose money. Between 2016 and 2018 it had losses of CNY17.2 billion (USD2.5 billion). It delivered 19,727 vehicles, including 8,379 in the first seven months of this year, according to company data released on Aug. 12.