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Rumor: Baidu, Tencent Lead USD 9-digit Funding in New Energy Vehicle Brand NextEV

Tencent Tech, 3/15/17

Shanghai-based Weilai Automobile, which manufactures new energy vehicles under the Weilai Qiche (NextEV) brand, has completed USD 9-digit funding led by Chinese internet companies Baidu (Nasdaq: BIDU) and Tencent (0700.HK), with participation from various other investors, reports Tencent Tech citing a source familiar with the matter.

According to reports, Baidu took part in this round of funding via its investment firm Baidu Capital. This is the first investment Baidu Capital has made since being established.

When reached for comment, Tencent did not divulge any information on this matter.

Editor's Note: When contacted via email by Marbridge, Baidu International Communications spokesperson Whitney Yan confirmed that Baidu did lead the funding round in NextEV, as well as the fact that this was Baidu Capital's first investment, but did not disclose the size of Baidu's investment. Baidu was rumored to have invested USD 100 mln in NextEV earlier this month. For more information on this investment, as well as on Baidu Capital's establishment in October 2016, please see "Rumor: Baidu Invests USD 100 Mln in New Energy Vehicle Brand 'NextEV'," MD 3/05/17 and "Baidu Forms RMB 20 Bln Internet Project Investment Fund," MD 10/12/16 issues.

Keywords: M&A hardware automobile funding Baidu Tencent 0700.HK BIDU Weilai Automobile NextEV Baidu Capital electric vehicle


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