NIO responds to Grizzly short seller report by retaining forensic accounting firm

NIO Inc. said Monday that it has formed a committee to look into recent allegations that the China-based electric vehicle maker is using an affiliate battery maker to boost financial results.

Short seller Grizzly Research LLC had alleged on June 28 that sales to Wuhan Weineng Battery Asset Co., which was formed by NIO and a consortium of investors, helped NIO inflate net income by about 95% and revenue by 10%.

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