NIO postpones its electric sedan after rough first quarter
Chinese EV startup NIO has indefinitely delayed its upcoming electric sedan just six weeks after unveiling a concept version of the car at the Shanghai Auto Show. The news comes as the startup released unaudited financial results for the first quarter of 2019, which show NIO lost $390 million as deliveries of its ES8 electric SUV dropped to 3,989 (down from 7,980 during the fourth quarter of 2018).
NIO had not previously set a ship date for the sedan, known as the ET7, but the company’s founder and CEO William Li said it is postponed during an investor call on Tuesday.
Li said NIO recently decided to build the sedan on an all-new technological platform, which will push back the timeline for the car. He also said NIO won’t be able to...