The head of Nio’s autonomous driving systems would leave

Nio Inc’s (NYSE: NIO) head of autonomous driving systems engineering, Zhang Jianyong, is leaving the company to start his own autochip business, CnEVpost reported Thursday, citing XEV Lab, a media outlet focusing on the smart car industry.

What happened: Nio’s venture capital arm Nio Capital is interested in investing in Zhang’s autonomous-driving business and possibly high-compute car chips.

Nio did not respond to Benzinga’s request for comment at the time of going to press.

Before joining Nio, Zhang worked at SAIC from 2013-14, where he was responsible for the pre-development of autonomous driving, the report said.

See Also: Tesla, Nio Rival Xpeng Targets 25% Gross Margin: Key Points From Fourth Quarter Earnings Call

Overlapping reporting: Nio reportedly brought in Ren Shaoqing in August for his L4 autonomous driving technology. Shaoqing reported directly to William Li, Nio’s founder and CEO.

Zhang, as AVP for autonomous driving systems, also reported to Li, the report said, citing local media.

Zhang’s departure is likely to end the dual reporting structure.

Nio focuses on launching newer models based on the NT2.0 platform.

Price action: Nio shares closed 3.5% lower at $21.7 per share on Wednesday.

Photo: Courtesy of Nio

© 2022 Benzinga does not provide investment advice. All rights reserved.

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