NextEV Gets Big Funding Boost Led By Baidu
MAR 24 2017 BY MARK KANE
NextEV‘s progress with the NIO brand launch, including the EP9’s world speed record for autonomous electric cars and the unveiling of the NIO EVA autonomous concept for mass consumption seems to have worked out for the best.
According to Reuters, the company raised up to $600 million in a new investment round lead by Baidu (the Chinese search engine giant).
“We can confirm that Baidu has led investment in this round of funding,” a spokeswoman said in a comment sent to Reuters on Friday. She declined to give an investment figure or name the co-investors, but local media reported the overall funding round was valued at up to $600 million.”
NextEV earlier secured investments from tech giant Tencent Holdings Ltd, and Hillhouse Capital among others.
Baidu’s investment fund Baidu Capital has about 20 billion yuan ($3 billion) to invest in mid-to-late stage ventures in the internet sector, with the NextEV project being the first project selected.