According to e-racing365.com, NIO Formula E team is accelerating team and capital restructuring. Lisheng Racing has become a new strategic investor of NIO FE team. NIO is no longer the owner of this team, instead, it or support next season as an investor or sponsor. In a word, NIO has sold the Formula E team. In response to this report from foreign media, some Chinese medias have verified the two public relations personnel of NIO, however, as of press time, NIO did not respond.
According to the information, Shanghai Lisheng Racing Co., Ltd. is the owner and organizer of the CTCC China Touring Car Championship, owns the copyright of TCR China, and operates the China Karting Championship and is the dealer of Birel Karts. Next, it will also officially enter the Formula E.
Since 2014, the NIO team has participated in the FIA Formula E World Championship and won the first annual driver’s championship in the event. It is not difficult to see that NIO actively participates in motorsports. On the one hand, it aims to highlight the cutting-edge technologies of all aspects of its track-to-civil electric vehicles, promote clean energy and open up a new record for the automobile industry; on the other hand, it is to establish a brand image, NIO has the gene for racing cars from the very beginning, paving the way for its subsequent production cars.
However, as NIO gradually entered the stage of delivery and delivery of production cars, NIO is also focusing more vehicle technology and energy on the mass market. In the first half of this year, NIO delivered total of 7542 vehicles (including 3,989 in the first quarter and 3,553 in the second quarter), NIO said that it is more satisfied with the result, but there is still gap in the sales target ratio of 40,000 – 50,000 vehicles. Recently, several combustion accidents experienced by NIO have also had certain impact on sales, becoming the first Chinese EV startup to be publicly recalled, and NIO’s first sedan NIO ET is also planned to officially listed on the NIO Day at December 15, 2019.
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In addition to the pressure of product progress, industry insiders also believe that the direct factor of NIO’s selling of Formula E team is financial pressure. According to the first quarterly financial report released by NIO in 2019, as of March 31, 2019, NIO realized a total revenue of 1.631 billion yuan, a decrease of 52.5% from the previous month, and R&D expenditure of RMB 1,078.4 million, a decrease of 28.8% from the previous month, growth of 55.4%. In order to support business development, NIO is also actively promoting the investment of 10 billion yuan by E-Town International & Development.
