NIO raises more than $1 billion led by Tencent

The NIO raises more than US$1 billion, led by Tencent Holdings Ltd. Electric vehicles startup headquartered in Shanghai have raised funding round to increase valuations of US$5 billion. New investors participating in the last funding included Lone Pine Capital, CITIC Capital and Baillie Gifford.

Tinuku NIO raises more than $1 billion led by Tencent

NIO is rumored to have raised fresh funds as China increasingly aggressively switch to electric vehicles to fight increasingly heavy pollution in big cities. Nio, Tencent, Lone Pine Capital, CITIC Capital and Baillie Gifford still have not responded to this latest news.

Nio was founded by William Li in 2014 previously named NextEV. This startup is also the first rotor company in China to launch a vehicle that so far only displays the concept car. Previous investors were Hillhouse Capital Group and Sequoia Capital.

A source says the ES8 sports car will be mass produced in mid-December. Li said in April that the model will offer more features and lower prices than Tesla Model X. Tencent is also an investor at Tesla Inc.

Nio has promised to bring an autonomous electric car to the U.S. market. in 2020 and collaborated with Changan Automobile Co., Ltd. to form a joint venture in research and sales of electric cars.

Comments