Rumor: Tencent Leads RMB 1 Bln Investment in Electric Vehicle Maker NIO
Tencent Tech, 11/08/17
Shanghai-based Weilai Automobile, operator of new energy vehicle brand NIO (formerly NextEV), has reportedly raised over USD 1 bln in new funding led by Chinese internet and mobile services firm Tencent (0700.HK). The news was obtained from an early investor in NIO by Tencent's own media outlet "Frontline." Other investors in the round include Baillie Gifford, Lone Pine, CITIC Capital, China Asset Management, and dozens of other new and previous investors.
Reportedly, NIO's first mass-produced electric car, the all-electric seven-seater SUV "ES8," will be released on December 16. This round of funding is also the last round that will take place before the ES8 goes to market.
Editor's Note: For more information on this topic, please see Update: New Energy Vehicle Maker NextEV Completes Series C Funding, MD 6/01/17 issue.
Keywords: M&A Series D hardware automobile funding Tencent CITIC Capital 0700.HK China Asset Management Lone Pine NextEV Baillie Gifford Nio electric vehicle
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