NIO Abandons Formula E as Fears For Future Continue

Chinese EV manufacturer NIO is selling its stake in its Formula E team as poor performance and budget concerns begin to bite.

The specialist sport website e-racing365 reports that the move comes after the brand’s team won the first season’s drivers’ championship with Nelson Piquet Jr. However, it only finished fourth in the team standings and hasn’t won a race since then.

Crucially from a brand marketing viewpoint, the first season’s car employed approved specification powertrains not using any of NIO’s own EV technology. So, it’s clear NIO didn’t have the technology to compete with the likes of Audi, BMW, DS or Mahindra in the intensely competitive series.

In the most recent season, which finished in New York City in July, the team finished 11th out of 11 teams with 7 points, some 16 off 10th place team GEOX Dragon and 215 points off winners DS Techeetah.

NIO has also been struggling of late with its plans to build its own factories, in order to manufacture its ‘NIO Platform 2.0’ for its next generation of EVs. The planned sedan, the ET9, was scheduled to arrive next year but has been delayed indefinitely, as NIO cancelled plans to build as factory in China to manufacture the car.

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