NIO has raised $1 billion in another round of financing. The Chinese electric car startup is developing its vehicle design in Munich.
The internet company Tencent is leading the investment round. Tencent is also involved in the Munich-based air taxi startup Lilium The Chinese company also holds shares in its direct competitor Tesla. Additional investors from Asia, Europe, and America have recently invested in NIO, including the US hedge fund Lone Pine Capital and the Chinese investment firm CITIC Capital. The automaker, which describes itself as a "global startup," is now valued at around five billion US dollars.
Ambitious goals and tight schedule at NIO
On the The company presented at SXSW in Austin unveiled its Eve concept car in March of this year. A production model is scheduled to be unveiled to the public this year. The automaker aims to offer an autonomous vehicle by 2020.
NIO has its own offices in Munich, Shanghai, San Jose, and London, among others. The Munich-based design department was recently awarded several prizes at the Automotive Brand ContestNIO's head of design Kris Tomasson previously worked at BMW.
