It took Tesla about 15 years to rack up $US5 billion in losses. The company known as China's Tesla did it in four.
"This year and the next, there's going to be a lot of card-shuffling for these EV startups," said Siyi Mi, an analyst at BloombergNEF. "Before, venture capital chased after them, but it's not the case any more."Total EV sales in China, where half of the world's electric cars are sold, fell for the first time in July after the government scaled back subsidies.
The company also scrapped plans for a manufacturing plant in Shanghai after the government opted to provide financial support to Tesla. Instead, NIO farms out production of its ES6 and ES8 cars to Anhui Jianghuai Automobile Group Co.
Even losing $6 a day is a big deal.
Imagine if the ccp didn’t backstop all their zombie companies? Why anyone would invest in china is beyond me.