NIO’s new EC6 SUV, which is expected to hit the road in late 2020. | Images: NIO
NIO, China’s leading EV startup, announced its third production vehicle this past weekend, a small and sporty all-electric SUV called the EC6. The Tencent-backed automaker also announced it has developed a new battery pack that will enable all three of its production models to travel well over 300 miles on a full charge.
But neither of these new products will arrive until late 2020, meaning they offer almost no direct help to NIO when it comes to fixing the troublesome financial situation the startup is currently in. NIO announced Monday that it finished the third quarter of 2019 with just $274 million in cash, and also told its shareholders the company will only survive if it rapidly raises new funding.
“The Company’s cash balance is…