Nio

The EV maker might need another USD 2.1 billion in cash between 2019 and 2020 to stay afloat.

Plagued by controversies and falling sales, China’s once promising electric vehicle sector is facing a rough ride ahead.

Souces from Huzhou government also denied a rumored framework agreement signed between the two.

Chinese EV makers set sight on state-owned capitals.

China’s answer to Tesla saw its shares plunging to a record low after the announcement.

Nio has only fulfilled less than 30% of its annual sales target.

The Chinese auto maker, which is to further reduce 1,200 people, will welcome Zhang Lei in September.

Issues discovered include substandard quality, insufficient electrical insulation, and a lack of maintenance.