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
Tag: Mobility
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
China’s Bike Rental Firms Mobike, ofo Are Raising Nearly $1 Billion In Fresh Funding
As city streets in China become a theater for the current venture capital-fueled bike rental start-up frenzy, the two biggest bike rental companies in the country, Shanghai-based Mobike and Beijing-based ofo, are both raising massive new financing rounds totaling nearly US$1 billion. Mobike is raising a new round worth several hundred million U.S. dollars, which… Continue reading China’s Bike Rental Firms Mobike, ofo Are Raising Nearly $1 Billion In Fresh Funding
LeEco-backed Faraday Future Hires Deutsche Bank, BMW Veteran Stefan Krause As CFO
Faraday Future, a Los Angeles based smart electric car company backed by Jia Yueting, founder of Chinese technology conglomerate LeEco, has hired Stefan Krause as the company’s global chief financial officer. Krause is a former Deutsche Bank executive and chief financial officer of Bayerische Motoren Werke AG. Krause will be responsible for corporate finance, investor… Continue reading LeEco-backed Faraday Future Hires Deutsche Bank, BMW Veteran Stefan Krause As CFO
Five Chinese Electric Vehicle Start-Ups That Could Rival Tesla
Across China’s 9.6 million square kilometers of land, there was never a shortage of ambition. So too with the electric vehicle revolution. Despite being a late comer to the EV craze, the country’s start-ups are not shy about aiming high. At least half-a-dozen Chinese EV start-ups – not including traditional car makers going green –… Continue reading Five Chinese Electric Vehicle Start-Ups That Could Rival Tesla
Tencent-Backed EV Start-Up Future Mobility Eyes $1.7B Nanjing Plant
Future Mobility Corporation, a Chinese electric car start-up backed by Tencent Holdings Ltd. and Foxconn Technology Group, announced plans yesterday to invest RMB11.6 billion (US$1.7 billion) to build a new factory in Nanjing to manufacture its self-developed electric vehicles. The planned project is expected to have the capacity to produce 300,000 cars a year eventually,… Continue reading Tencent-Backed EV Start-Up Future Mobility Eyes $1.7B Nanjing Plant
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
Chinese Bike Firm Ofo Hires Former Uber Product Chief Michelle Chen As CPO
Beijing-based bike sharing company ofo has hired Michelle Chen (pictured), former head of product at Uber China, as chief project officer to handle the company’s product design and data research. She will report directly to the company’s founder and CEO, Dai Wei. Chen joined Uber Technologies Inc. in 2015, and was responsible for the U.S.… Continue reading Chinese Bike Firm Ofo Hires Former Uber Product Chief Michelle Chen As CPO
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