EV startup NIO sold its Formula E racing team

Photo by Sean O’Kane / The Verge

Chinese EV startup NIO has sold the majority stake in its Formula E all-electric racing series team, according to longtime motorsports journalist Sam Smith. The company will remain a sponsor, a person familiar with the sale tells The Verge, but Chinese motorsports promotion company Lisheng Racing bought the stake and will run the team’s operations from here on out. NIO has been looking to sell its entry since at least April, according to two people familiar with the sale, who were granted anonymity because they were not authorized to speak about it.
The young automaker is the second EV startup to scale back operations in the five-year-old motorsport, which now features powerhouse manufacturers like Audi, BMW, and soon, Mercedes-Benz and…

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