Liao Bing resigns as CEO of GAC NIO

Shanghai (Gasgoo)- Liao Bing, founder and CEO of GAC NIO, resigned on Jan. 22 as chief executive officer (CEO) of GAC NIO and dropped all administrative duties at the company's subsidiaries, according to a posting on Liao's Weibo account.

His capacity as CEO of GAC NIO will be taken over by Yang Yin, a marketing executive for GAC Motor, said GAC NIO.

Liao Bing was at the helm of GAC NIO since the company's foundation in 2018. He had engaged in R&D, quality, strategy and management in Guangzhou Automobile Honda, GAC Component, GAC FCA, and GAC R&D Center.

HYCAN 007; photo credit: GAC NIO

The resignation came after GAC NIO obtained an investment from its parent company, GAC Group. The Guangzhou-based automaker announced on Jan. 15 it agreed GAC NIO to increase registered capital and shares by introducing strategic investors. The capital was set to be raised by 2.405 billion yuan ($371.153 million), of which 482 million yuan ($74.385 million) were offered by GAC Aion, a NEV automaker wholly owned by GAC Group.

GAC Group also granted in last December a loan of 15 million yuan ($2.315 million) with an one-year tenure to GAC NIO.

Founded in April 2018, GAC NIO involves a registered capital of 500 million yuan ($77.163 million), which are together invested by such companies as GAC Group, GAC NE and Shanghai NIO Automobile Co.,Ltd. It is principally engaged in the R&D and sale of all-electric vehicles, and other supporting services like EV charging, the installation and management of charging piles, as well as EV rental service.

GAC NIO launched the BEV-focused brand “HYCAN” in May 2019, with the concept of the HYCAN 007 unveiled at the same time. The vehicle formally hit the market in April 2020.

By the end of Dec., 2020, the cumulative sales of the HYCAN 007 reach only 659 units, much falling behind its 15,000-unit sales goal.