Chinese electric vehicle manufacturer, NIO Inc, was listed on the NYSE in September 2018 and the HKSE in March 2022. The company was targeted by Grizzly Research in June 2022, and the short-seller alleged that that NIO controls its battery subscription affiliate which has been used to pull forward sales, inflating 9M21 revenue by up to 10% and cutting loses by as much as 95%. An independent committee investigated Grizzly Research’s allegations and concluded that they were not substantiated. Furthermore, there were no auditor or director resignations. Therefore, the allegations are not proven.

Last updated May 2023.

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