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
-
Mustang Changes for 2018
On Tuesday Ford unveiled—using the social media channels of actor Dwayne Johnson (this has got to unnerve some of the auto buff book editors)—the 2018 Mustang, which has undergone some modifications: under the hood (the 3.7-liter V6 is giving way to a 2.3-liter EcoBoost four, and a 10-speed automatic is available), on the dash (a 12-inch, all-digital LCD screen is available for the dashboard), at the tires (12 wheel choices), on the chassis (MagneRide damper technology is being offered with the Mustang Performance Package), and on the exterior (three new paint colors). And while on the subject of the exterior, there are some notable changes—a lower, remodeled hood, repositioned hood vents, new upper and lower front grilles, LED front lights, revised LED taillamps, new rear bumper and fascia.
-
Ford Copies Nature
As Nature (yes, capital N Nature) has done a pretty good job of designing things, it is somewhat surprising that Man (ditto) doesn’t follow Nature’s lead more often when it comes to designing objects.
-
Multiple Choices for Light, High-Performance Chassis
How carbon fiber is utilized is as different as the vehicles on which it is used. From full carbon tubs to partial panels to welded steel tube sandwich structures, the only limitation is imagination.
