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NEW YORK, Sept. 27, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP, a nationally recognized investor rights law firm, is reminding investors of the deadline for filing a motion by lead plaintiff in a securities class action lawsuit filed on behalf of investors, who have between purchased or acquired the securities of NIO Inc. (“NIO” or the “Company”) (NYSE: NIO). August 20, 2020 and July 11, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York alleging violations of the Securities Exchange Act of 1934.

NIO designs, develops, manufactures and sells intelligent electric vehicles. It claims to differentiate itself through technological breakthroughs and innovations such as: B. its battery swapping technologies (i.e., Battery as a Service) and proprietary autonomous driving technologies, including Autonomous Driving as a Service.

Plaintiff alleges that throughout the Class Period, Defendants made materially false and misleading statements. Specifically, Plaintiff alleges that Defendants failed to disclose: (1) NIO generated revenue by selling batteries to a related party that owned the batteries and managed users’ subscriptions; (2) through the related party, NIO has also realized tremendous depreciation savings; and (3) as a result of the foregoing, the Company’s earnings and net loss have been overstated.

On June 28, 2022, Grizzly Research published a report which, among other things, alleged that NIO increased its net income by approximately 95% through sales to a related party, Wuhan Weineng Battery Asset Co. (“Weineng”). In summary, the report claimed that “[b]By shifting the burden of collecting monthly subscriptions to Weineng, NIO has accelerated its revenue growth. Instead of this…