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Chinese EV Startup Nio Attracts $1 Billion in Funding
Shanghai-based Nio, a three-year-old developer of high-performance electric vehicles, has raised more than $1 billion in a new fundraising round led by Tencent Holdings Ltd., sources tell Reuters.
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Shanghai-based Nio, a three-year-old developer of high-performance electric vehicles, has raised more than $1 billion in a new fundraising round led by Tencent Holdings Ltd., sources tell Reuters.
Formerly known as NextEV Ltd., Nio is launching a seven-passenger electric crossover vehicle called the ES8 in China next month. The company, which also operates offices in Europe and the U.S., says it will introduce a self-driving EV in the U.S. by 2020.
In May, Nio’s 1,342-hp EP9 electric supercar set a new track record at Germany’s Nurburgring Nordschleife course by knocking two seconds of the previous lap record set by a piston-powered Pagani Zonda R racer in 2010. The company also is active in Formula E racing.
Reuters notes that Nio had a market value of about 20 billion yuan ($3 billion) in April after raising $600 million in an earlier fundraising.
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