NIO Inc. Provides Update on Response to Short Seller Report

SHANGHAI, China, July 11. 11, 2022 (GLOBE NEWSWIRE) — NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and market-leading company in the smart electric vehicle market, announced today that following its previous statement in response to allegations made in a report published by short selling firm Grizzly Research LLC on June 28, 2022 (the “Short Seller Report”), the Board of Directors of the company (the “Board”), including the Audit Committee of the Board, after reviewing the allegations, on the recommendation of the management of the Company and in order to protect the interests of all shareholders, has decided to form a committee (the “Independent Committee”), composed of independent directors, Mr. Denny Ting Bun Lee, Mr. Hai Wu and Ms. Yu Long, to oversee an independent investigation into the allegations made in the Short Seller Report (l “Independent Investigation”). The Independent Committee has retained the services of independent professional advisers to assist in the independent investigation, including an international law firm and a reputable accounting firm.

The Company will provide updates on the independent investigation in a timely manner as required by applicable rules and regulations of the Securities and Exchange Commission, the New York Stock Exchange, the Stock Exchange of Hong Kong Limited (the “SEHK”) ) and the Singapore Stock Exchange. Exchange Securities Trading Limited (the “SGX-ST”).

The Company reiterates its continued and unwavering commitment to maintaining high standards of corporate governance and internal control, as well as transparent and timely disclosure in accordance with applicable rules and regulations.

About NIO Inc.
NIO Inc. is a pioneer and leading company in the premium smart electric vehicle market. Founded in November 2014, NIO’s mission is to shape a joyful lifestyle. NIO aims to build a community from smart electric vehicles to share joy and grow with users. NIO jointly designs, develops, manufactures and sells premium smart electric vehicles, driving innovations in next-generation technologies in autonomous driving, digital technologies, electric powertrains and batteries. NIO is differentiated by its continuous technological breakthroughs and innovations, such as its industry-leading battery swap technologies, Battery as a Service, or BaaS, as well as its proprietary Autonomous Driving and Autonomous Driving as a Service technologies. , or ADaaS. NIO launched the ES8, a premium seven-seat smart electric SUV in December 2017, and began deliveries of the ES8 in June 2018 and its variant, the six-seat ES8, in March 2019. NIO launched the ES6, a five-seater premium high-performance smart electric SUV, in December 2018, and began deliveries of the ES6 in June 2019. NIO launched the EC6, a premium smart electric coupe SUV five-seater, in December 2019, and began deliveries of the EC6 in September 2020 NIO launched the ET7, a flagship premium electric smart sedan, in January 2021, and began deliveries of the ET7 in March 2022. NIO launched the ET5, a premium mid-size smart electric sedan, in December 2021. NIO launched the ES7, a five-seat premium mid-size smart electric SUV, in June 2022.

Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by terms such as “will ‘, ‘expects’, ‘anticipates’, ‘aims’, ‘future’, ‘intends’, ‘plans’, ‘believes’, ‘estimates’, ‘is likely to’ and similar statements. NIO may also make written or oral forward-looking statements in its periodic reports to the United States Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other postings made on each of SEHK and SGX-ST, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIO’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements, including, but not limited to, the following: NIO’s strategies; the future business development, financial condition and results of operations of NIO; NIO’s ability to develop and manufacture a car of sufficient quality and attract customers on time and at scale; its ability to secure and develop its manufacturing capabilities, including by establishing and maintaining partnerships with third parties; its ability to provide convenient and comprehensive power solutions to its customers; the viability, growth potential and prospects of new BaaS and ADaaS; its ability to improve technologies or develop alternative technologies to meet changing market demand and industry development; NIO’s ability to meet mandatory motor vehicle safety standards; its ability to secure the supply of raw materials or other components used in its vehicles; its ability to secure sufficient reservations and sales for ES8, ES6, EC6, ET7, ET5 and ES7; its ability to control the costs associated with its operations; its ability to build the NIO brand; general economic and business conditions globally and in China and assumptions underlying or relating to any of the foregoing. Further information regarding these and other risks is included in NIO’s filings with the United States Securities and Exchange Commission and in announcements and filings on the websites of each of the SEHKs and SGX-STs. All information provided in this press release is as of the date of this press release, and NIO undertakes no obligation to update any forward-looking statement except as required by applicable law.

For more information, please visit: http://ir.nio.com

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