Chinese EV startup Nio raises $1 billion in new fundraising round

Chinese EV startup Nio, formerly known as NextEV, has raised more than $1 billion in its latest fundraising round, led by existing investor Tencent Holdings, bringing the firm’s valuation to about $5 billion, Reuters reports.

Nio, which was founded by Chinese internet entrepreneur William Li in 2014, plans to launch its first production car – the ES8 electric SUV – in December. Chairman Li boasted to Reuters in April that the new model would offer more features than Tesla’s Model X at a lower price.

Nio said in April it was forming an EV joint venture with China’s fourth-largest automaker, Chongqing Changan Automobile. The company has also announced plans to bring an autonomous EV to the US market by 2020.

 

Source: Reuters

  • brian_gilbert

    There will be no significant demand for autonomous cars until an area switches to ‘Completely Driverless Hired Vehicles. China’s government should be pushinng for this. It has to be a government decision and in China the overall benefits outweigh the interests of the vehicle manufacturers.who will see the overall demand for cars drop because the cars will have longer lives and do greater mileage. Virtual elimination of road deaths and injuries is also a factor.