Faraday Future, a smart electric car company backed by Jia Yueting, founder of Chinese technology conglomerate LeEco, says work on its planned Nevada factory is ongoing. The announcement comes as the company tries to rebuild its reputation after reports of cash shortages and fleeing executives. Nick Sampson, a senior vice president of research and development at… Continue reading Tesla Wannabe Faraday Future Says Nevada Factory Construction Ongoing
Category: Automotive
KeyTone Ventures Leads $20M Series B In Chemayi
Chinese automobile after-sales service platform Chemayi has completed US$20 million series B round of financing led by KeyTone Ventures, according to media reports. Existing investor, Morningside Ventures, also participated. Founded in 2010, Chemayi received US$2 million series A funding from Morningside in 2013. Chemayi provides auto maintenance, repair, cleaning and decoration services via its online… Continue reading KeyTone Ventures Leads $20M Series B In Chemayi
LeEco, Tsing Capital-Backed Lucid Motors To Unveil Electric Vehicle
Lucid Motors, a Silicon Valley-based electric vehicle start-up backed by China’s LeEco, Tsing Capital and other investors, plans to reveal a production version of an electric sedan in the U.S. today. The company is accepting orders for the sedan and is slated to begin assembly in late 2018. Lucid will offer its sedan first in… Continue reading LeEco, Tsing Capital-Backed Lucid Motors To Unveil Electric Vehicle
Hillhouse Leads $50M Series B In India’s CarDekho.Com
Asia-focused alternative investment management firm Hillhouse Capital Management has led US$50 million series B financing round in Indian automobile classified ads web platform CarDekho.com, according to a company announcement. Tybourne Capital and Sequoia Capital also participated in the round, which increased the valuation of CarDekho’s parent company, Girnar Software, to approximately US$300 million. “We see… Continue reading Hillhouse Leads $50M Series B In India’s CarDekho.Com
Baidu Rumored To Make $100M Investment In Chinese EV Start-Up NextEV
Chinese Internet firm Baidu Inc. is rumored to plan to invest US$100 million in NextEV, a Chinese smart electric vehicle start-up backed by top global investors including Singapore’s Temasek Holdings, private equity giant TPG and Sequoia Capital. Baidu is to participate in NextEV’s series C financing round, according to Chinese media reports citing insiders. Some… Continue reading Baidu Rumored To Make $100M Investment In Chinese EV Start-Up NextEV
Ceyuan, Shunwei Lead $20M Series B In RenRenChe.Com
Beijing-based used car online transaction platform RenRenChe.com has completed US$20 million series B financing led by Ceyuan Ventures and Shunwei Capital, according to the company’s Weibo account. Existing investor Redpoint Ventures also participated. The latest round values the company at US$150 million. Founded in April 2014, RenRenChe.com received US$5 million series A from Redpoint at… Continue reading Ceyuan, Shunwei Lead $20M Series B In RenRenChe.Com
Temasek Leads New Funding Round In Chinese Start-Up NextEV
NextEV has reportedly raised an undisclosed funding round led by Singapore’s Temasek Holdings, with participation from global private equity giant TPG, Chinese investment firm Hopu Investment Management and China’s Lenovo Group, according to Chinese media reports. The round is around several hundreds of millions U.S. dollars, says the reports citing confirmation by the company’s president… Continue reading Temasek Leads New Funding Round In Chinese Start-Up NextEV
Venture-Backed Yidao Yongche Partners With Haier On Financial Leasing Services
Beijing-based car rental service provider Yidao Yongche has established a strategic partnership with Haier Financial Services China Co., Ltd. to provide financial leasing services to Chinese small and medium sized car rental firms, according to Chinese media reports. Haier Financial Services China, a financial leasing arm established by Chinese consumer electronics maker Haier Group in… Continue reading Venture-Backed Yidao Yongche Partners With Haier On Financial Leasing Services
China’s Geely To Acquire US Flying Car Company Terrafugia
Chinese automotive manufacturer Zhejiang Geely Holding Group, the parent company of Volvo Cars, has agreed to acquire the operations and assets of Terrafugia Inc., a U.S.-based firm developing flying cars. No financial details were disclosed in an announcement released by Terrafugia yesterday. The company said the deal has received approval from all relevant regulators including… Continue reading China’s Geely To Acquire US Flying Car Company Terrafugia
Warburg Pincus, Tiger Global Lead $260M Series C In Youxinpai
Beijing-based used-car online auction platform Youxinpai has raised US$260 million series C round of financing led by private equity firm Warburg Pincus and New York-based investment firm Tiger Global Management LLC, according to a company announcement. Other undisclosed investors also participated in the round. Launched in 2011, Youxinpai previously raised two rounds of financing from… Continue reading Warburg Pincus, Tiger Global Lead $260M Series C In Youxinpai