Tencent Holdings Ltd. and Baidu Inc. have led a US$600 million funding round in Shanghai-based electric car maker NIO, formerly known as NextEV, according to Chinese media reports citing insiders. IDG Capital, American investment firm TPG, Hillhouse Capital, Lenovo Group Ltd., Singapore-based GIC Private Ltd., and a number of investors also participated in the round,… Continue reading Tencent, Baidu Lead $600M Round In Chinese Electric Vehicle Maker NIO
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Chinese Provinces Race For Lead In Electric Vehicle Innovation
Provinces across China are vying to attract electric vehicle companies and projects, positioning themselves to benefit most as China aspires to become a world leader in electric vehicle innovation. The latest region to score big is the Guian New Area, a 1,795 square kilometer economic zone located near Guiyang city in sleepy Guizhou province. China’s… Continue reading Chinese Provinces Race For Lead In Electric Vehicle Innovation
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
N5 Capital Leads $10M Series A Round In Che101
Beijing-based second-hand automobile trading platform Che101 has completed US$10 million series A funding led by N5 Capital, according to Chinese media reports. Existing investor Lightspeed Venture Partners also participated in the round. Che101 previously received several million U.S. dollar investment from Lightspeed. The company says it plans to expand its used car database to 50… Continue reading N5 Capital Leads $10M Series A Round In Che101
3i Group Sells Auto Parts Maker To China’s AVIC
London-headquartered middle-market private equity firm 3i Group plc says it has sold its portfolio company Hilite International, a global supplier of highly engineered automotive engine and transmission components, to Chinese state-owned aerospace and industrial company Aviation Industry Corporation of China (AVIC), according to an announcement made by 3i. The US$18.5 billion-under-management 3i Group will receive… Continue reading 3i Group Sells Auto Parts Maker To China’s AVIC
SAIC Capital Leads New Funding Round In SDC Materials
Tempe, Arizona-based automotive material maker SDC Materials, Inc. has completed an undisclosed round of new financing led by SAIC Capital, the venture capital investment arm of Chinese car maker SAIC Motor Corporation, according to a company announcement. Existing investors, including General Motors Ventures, BASF Venture Capital, Volvo Group Venture Capital, Invus Financial Advisors and Emerald… Continue reading SAIC Capital Leads New Funding Round In SDC Materials
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
Faraday Future Reportedly Seeks $1B To Protect Itself From LeEco Cash Crunch
Faraday Future, a Los Angeles based smart electric car company backed by Jia Yueting, founder of Chinese technology conglomerate LeEco, is reportedly seeking a new funding round of US$1 billion from large-scale investors including sovereign wealth funds, according to media reports citing insiders. Jia Yueting, who previously injected roughly US$500 million of his own money… Continue reading Faraday Future Reportedly Seeks $1B To Protect Itself From LeEco Cash Crunch
Faraday Future Scraps $1 Billion Vegas Factory, Downshifts To California Cow Town
Faraday Future, the U.S.-based electric car startup founded by embattled Chinese entrepreneur Jia Yueting, today announced they have signed a lease for a future manufacturing facility for their high-performance electric, autonomous vehicle, named the FF91. But the new facility is not outside glitzy Las Vegas, as originally planned, but in Hanford, California, a hard-scrabble agricultural… Continue reading Faraday Future Scraps $1 Billion Vegas Factory, Downshifts To California Cow Town
Ofo Partners With China Telecom, Huawei To Improve Smart Bike Tech
Beijing-based bike sharing firm ofo has formed a partnership with China Telecommunications and Huawei Technologies Co. Ltd. to improve technology related to smart bikes, which has swept across the nation by storm lately. China Telecom will provide nationwide wireless Internet coverage for ofo, while Huawei will equip ofo bikes NB-IoT (narrow band Internet of Things)… Continue reading Ofo Partners With China Telecom, Huawei To Improve Smart Bike Tech