Chinese EV startup NIO no longer plans to make its own cars, the company announced Tuesday. Plans to build a factory in Shanghai — where Tesla is currently constructing the third Gigafactory — have been scuttled, and NIO will instead continue using its current contract manufacturer, state-owned automaker JAC Motors.
It’s a stark change in direction for the young company, which started making its first car, the ES8 SUV, for the Chinese market last year. NIO also just went public on the New York Stock Exchange in September 2018.
The company announced the news in a stock exchange filing, where it shared its full financial results for 2018. NIO generated $720 million in revenue last year, but ultimately lost $1.4 billion, which is about...
from The Verge - All Posts https://ift.tt/2EFdhrZ
No comments:
Post a Comment
Please let me know