P1racenews AI automatic summary:
The NIO name will disappear from Formula E and the team will adopt the ERT Formula E Team banner for 2024 after confirming new investors
The NIO name will no longer be associated with Formula E as the team adopts the ERT Formula E Team banner for 2024, following the confirmation of new investors. NIO 333 had a successful season in the first year of the Gen3 ruleset, finishing ninth out of 11 teams in the 2023 teams’ standings. The team was purchased in 2019 by Lisheng Sports and Gusto Engineering and has undergone several name changes since then. The new investors have business interests in Hong Kong and Macau, and the team aims to expand its electrification expertise to new markets. As one of the current six registered manufacturers in Formula E, ERT plans to commercialize its knowledge, experience, and intellectual property, with a focus on improving electric vehicle performance and supporting the wider industry in sustainable transport solutions.
Source: The Race
