The Formula E team previously known as NIO will compete as Electric Racing Technology from next season following the manufacturer’s departure from the series.
ERT will continue to operate as an independent drivetrain manufacturer for the series. The NIO team was the sole user of its hardware last year and finished last in the constructors championship.
The team said it has obtained “recent investment” and has plans to explore new markets in which its developments can be applied.
Team principal Alex Hui said the announcement is “an exciting step in our journey.”
“As the only manufacturer Formula E team that is not currently tied to an [original equipment manufacturer], our powertrain and software development has been done independently, putting us in a unique position.
“Utilising what we have learnt on track, we have already identified that we have a lot to offer in terms of improving electric vehicle performance, not just in relation to powertrains but whole vehicle engineering support and solutions, something which is already proving of interest within the automotive and motorsport industries.”
NIO first appeared in the third running of the championship in 2016. It later rebranded the NextEV outfit, but has consistently finished among the bottom three teams.
ERT has already confirmed an unchanged driver line-up of Dan Ticktum and Sergio Sette Camara for 2024.
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