NextEV / Nio 333 / ERT / Kiro

The Formula E team Kiro operated up to and including Season 5 as the factory team of the Chinese electric car start-up Nio. The Shanghai-based company, founded in 2014, set itself the goal of challenging Tesla, but ran into payment difficulties in 2019 and subsequently sold its Formula E team to Shanghai Lisheng Racing, a "big player" in Chinese motorsport. Nevertheless, Nio continued to act as title sponsor in the "Nio 333 Racing FE Team" until 2023. The team competes under a British license.

In 2015, the racing team - then known as "Team China Racing" and later "NextEV" - won Formula E's first drivers' championship with Nelson Piquet Jr. However, the team subsequently fell to the back of the field and has since been regarded as one of Formula E's "backmarker teams." Nio has not claimed a podium finish since the 2018 Mexico City E-Prix. Its last victory even dates back to the 2015 Moscow E-Prix. In the 2019/20 season, Nio became the first team in Formula E history to remain without a single championship point.

The team underwent an extensive rebranding for the 2024 season: The team competed under the name ERT. Dan Ticktum and Sergio Sette Camara remained on board as drivers, but only achieved last place in the team standings. After the end of the season, the team was sold to the US-based Forest Road Company and renamed Kiro Race Co. The team entered into a partnership with Porsche, which supplies Kiro with last year's engines. The drivers have not yet been officially announced.