Nio has renamed its units previously known as "Strategic New Businesses," and has created 16 regional companies for the Onvo unit.
Nio (NYSE: NIO) announced the latest organizational changes in an internal email today, saying it's necessary for business and organizational development, according to local media outlet China Star Market.
The electric vehicle (EV) maker has renamed a number of units previously known as "Strategic New Businesses":
Strategic New Business I was renamed the Onvo division (OV).
Strategic New Business II was renamed Chip Development (CD).
Strategic New Business III was renamed the Firefly business unit (FY).
Strategic New Business IV was renamed the Nio Phone business (NP).
In addition to the name changes, Nio's strategic new business cluster remains unchanged in terms of department heads and reporting lines, according to the report.
The Onvo business unit has set up 16 regional companies, which are positioned as second-tier departments responsible for the promotion of the Onvo brand, channel layout, day-to-day management of stores, and achievement of sales results in the region, the report said.
The general managers of Onvo's regional companies all report to Nio's assistant vice president, Xia Qinghua, head of Onvo sales and service, according to the report.
Onvo will contribute positively to Nio's 'P&L' when it reaches 20,000 monthly sales, William Li says