Mexican Media Brands
EV Startup Nio Drops Plan for Factory in Shanghai
Shanghai-based electric car startup Nio Ltd. has abandoned plans to build an assembly plant in the city’s Jiading district after its losses nearly doubled in 2018, the Shanghai Daily reports.
#hybrid
Share
Shanghai-based electric car startup Nio Ltd., has abandoned plans to build an assembly plant in the city’s Jiading district after its losses nearly doubled in 2018, the Shanghai Daily reports.
The carmaker’s revenue last year rose to 5 billion yuan ($740 million). But its losses climbed more than 90% to 9.6 billion yuan ($1.4 billion).
Last August Nio raised about $1 billion in an initial public offering in the U.S. The IPO gave the company a market valuation of $6.4 billion. The startup has been described as a Chinese version of California-based Tesla Inc.
Nio, which was founded in late 2014 as NextEV, debuted its first EV—the $68,000 ES8 crossover—at the end of 2017. The company delivered 9,700 of the seven-passenger vehicles by the end of last year. The ES8 generates 644 hp, scoots from zero to 100 kph in 4.4 seconds and has a range of 220 miles per charge, according to the company.
Nio unveiled the $53,300 ES6, a five-seat crossover (pictured above), in December. Deliveries are expected to begin in June.
RELATED CONTENT
-
Internal Combustion Engines’ Continued Domination (?)
According to a new research study by Deutsche Bank, “PCOT III: Revisiting the Outlook for Powertrain Technology” (that’s “Pricing the Car of Tomorrow”), to twist a phrase from Mark Twain, it seems that the reports of the internal combustion engine’s eminent death are greatly exaggerated.
-
GAC, CATL Partner on Two Battery Ventures
Two new battery ventures are being formed in China by domestic carmaker Guangzhou Automobile Group Ltd. and battery giant Contemporary Amperex Technology Ltd.
-
What the VW ID. BUGGY Indicates
Volkswagen will be presenting a concept, the ID. BUGGY, a contemporary take on a dune buggy, based on the MEB electric platform that the company will be using for a wide array of production vehicles, at the International Geneva Motor Show.
