Chinese-Backed Electric Car Startup NIO Raises $1 Billion


Photo: NIO

The Chinese-backed electrical car startup NIO raised greater than $1 billion in its newest fundraising spherical, Reuters reported on Wednesday, breaking away from a crowded subject of younger Chinese-funded automobile companies who’ve notably struggled to boost cash for their very own bold endeavors.

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A spokesperson for NIO declined to remark.

Citing two unnamed folks acquainted with the matter, Reuters reported that NIO quoted a variety of buyers, together with the U.S. hedge fund Lone Pine Capital and Chinese funding agency CITC capital. The Chinese tech firm Tencent—already an investor within the startup, whereas additionally holding a minor stake in Tesla—was concerned, as nicely.

Here’s extra from Reuters:

Nio, previously referred to as NextEV, can be among the many first of a raft of Chinese electrical car companies to launch a manufacturing car, with many up to now solely exhibiting idea automobiles.

Its first mbad manufacturing automobile – the ES8 pure-electric, seven-seat sport-utility car is about to be launched in mid- December, based on the corporate. Chairman Li informed Reuters in April that the mannequin would provide extra options than the Tesla Model X at a lower cost.

NIO netting $1 billion is a giant deal. Chinese-backed electrical automobile startups within the U.S.—specifically, Faraday Future and Lucid Motors—have struggled to get their tasks up and operating on the schedules they undertaking, principally resulting from fundraising delays.

NIO says it desires to convey an autonomous electrical automobile to the U.S. by 2020, so elevating this form of scratch helps make that sort of dream appear extra believable. The idea NIO revealed earlier this 12 months seemed superior, so it’s going to be wildly attention-grabbing to see the place the startup goes within the coming months.

NIO’s additionally the corporate whose EP9 supercar turned the quickest purely electrical automobile across the Nürburgring Nordschleife this 12 months with a time of 6 minutes, 45.9 seconds, in order that they’re as much as some cool stuff past simply SUVs.

A spokesperson for NIO declined to remark.

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