Alan Ai steps down as Onvo president

• Shen Fei, head of Nio Power, replaces Ai as president of Onvo and reports to Nio co-founder and president Qin Lihong.
• Nio CFO Stanley Qu serves also as the head of Nio Power and is responsible for all work of the energy business.

Alan Ai has stepped down as president of Onvo, making good on a previous promise after the Nio (NYSE: NIO) sub-brand’s first model failed to perform as expected after launch.

Ai announced today…