What's Going On With Nio Stock?

NIO Inc NIO shares are trading higher Monday. The company announced that it appointed a new independent director to its board. 

What Happened: Nio said Yonggang Wen has been appointed to the board of directors as a new independent director, effective Monday. 

Wen currently serves as a full professor and chair of the school of computer science and engineering at Nanyang Technological University in Singapore. Throughout his career, he has pioneered work in applying learning-based techniques to system prototyping and performance optimization for large-scale networked computer systems.

"We are delighted to welcome Professor Wen to the Board of NIO. With his outstanding academic background, combined with his expertise in cloud computing and computational sustainability, and passion for innovative technologies, Professor Wen brings unique perspectives to the Board," said William Li, chairman and CEO of Nio.

"We believe that Professor Wen will be an important asset as we continue to innovate and build our proprietary software and hardware technological capabilities."

Nio has delivered 126,067 vehicles year-to-date, representing an increase of 36.3% on a year-over-year basis. As of the end of October, cumulative deliveries of Nio vehicles had reached 415,623. 

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NIO Price Action: Nio shares were up 1.24% at $7.33 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.