Chinese electric vehicle maker Nio scraps Shanghai factory plan after losses double to US$1.4 billion

//Chinese electric vehicle maker Nio scraps Shanghai factory plan after losses double to US$1.4 billion

Chinese electric vehicle maker Nio scraps Shanghai factory plan after losses double to US$1.4 billion

Chinese electric vehicle start-up Nio cancelled a plan to build its second factory in Shanghai after reporting a full year 92 per cent year-on-year increase in net losses to US$1.4 billion.The US-listed Nio has partnered with Chinese state-owned carmaker JAC Motors to produce its ES8 electric model since 2016. The company said on Tuesday that the decision would allow Nio to focus on the joint manufacturing model in the long term, which was in line with the government’s new policy issued last…

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By | 2019-03-06T05:40:17+00:00 March 6th, 2019|Business|Comments Off on Chinese electric vehicle maker Nio scraps Shanghai factory plan after losses double to US$1.4 billion