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: NIO conducts own probe into Grizzly short-seller report, retains forensic accounting firm

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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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