$NIO Inc.(NIO.US)$'s former senior vice president Charles Huang Chendong, who left the electric company last year, has launched his own electric commercial vehicle company, Newrizon Inc, cnEVpost reported on Monday.
What Happened: The key members at Newrizon include employees from several well-known automakers and three of the six core executives are former Nio employees.
Huang was promoted to senior vice president role at Nio in late 2019 to oversee the EV maker's electric drive businesses and was reporting to the company's founder, William Li, until his departure from the company in June last year.
Huang's profile on professional networking site LinkedIn reaffirms the cnEVpost report and shows key executives have prior experience in electric powertrain systems, big data systems and autonomous drive systems.
Huang has announced the launch of iC1 and EC1 electric trucks models, which are expected to go into mass production in September with a full load range of more than 220km.
The company, funded by Lightspeed China Partners, said the electric trucks support L4 autonomous driving with the help of one millimeter-wave radar, five solid-state LiDARs, and 18 cameras.
Price Action: Nio shares closed 3.85% lower at $43.84 on Friday.