China’s Tesla-like EV startup NextEV secures new financing

The President of Chinese electric auto maker NextEV, Qin Lihong, confirmed on Thursday that the company has landed hundreds of millions dollars in its latest round of financing. Temasek led the investment, joined by other investors includuing TPG, Hopu Investment Management, and Lenovo Group.

“The industry of new energy vehicles is blooming worldwide and we can expect a promising future in the Chinese market,” said Qin. “Additionally, I believe that it is NextEV’s vision, business model and team that appeal to our investors.”

Following the USD 500 million of financing from Sequoia Capital and Joy Capital last September, NextEV partnered with Chinese automaker Anhui Jianghuai Automobile earlier this April by signing a five-year framework agreement. The agreement is worth RMB 10 billion (USD 1.5 billion) and stipulates that the two parties will cooperate on developing the main parts of electric vehicles, including batteries, machines, and drives, as well as the control system.

Chairman of NextEV Li Bin said in April that the company will introduce its first electric car by the end of 2017.

NextEV was founded in 2014 and is headquartered in Shanghai.

(Top photo from NetEase Tech)

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