(Yicai Global) Nov. 18 -- Loss-making electric carmaker Nio has named Feng Wei, the former head of China International Capital's automotive team, as its new chief financial officer after its long-serving CFO resigned last month.

"Particularly with his deep insight into the automotive industry, I am confident Wei will be an invaluable asset to Nio as we continue to execute toward our long-term vision," William Li, founder and chief executive of the Shanghai-based company, said in a statement yesterday. 

Feng was expected to take up the reins after Louis Hsieh, Bloomberg reported on Nov. 13, citing people familiar with the matter. Hsieh left in late October, citing personal reasons, after working at the startup since 2017.

Feng, one of the winners in the Asian division of the StarMine Analyst Awards, has nearly 15 years of financial and operational experience in the auto sector, the statement said. He was named as one of the sector's top earnings forecasters this year and one of the best stock pickers in 2016. He joined CICC in 2013. 

Established in 2014, Nio has not managed to buck the general downward spiral in China's auto sales. In the second quarter, Nio's loss expanded by a quarter to CNY3.3 billion (USD470.4 million) from a year earlier, according to its earnings report. Revenue fell 7.5 percent to CNY1.5 billion. In August, Li confirmed to Yicai Global that the firm was "cutting fat" by downsizing.

The company's [NYSE: NIO] stock price fell from a March peak of over USD10 to close at USD1.80 on Nov. 15.

Editor: Emmi Laine