1 min read
Chinese Electric Super Car Looking To Seal $1B To Take On Tesla
NextEV, one of China’s most promising electric car innovators, has already raised half of the $1 billion it is seeking to take on U.S. rival Tesla. It comes as a handful of Chinese companies are investing heavily into the electric vehicle industry.
The Shanghai-based company’s latest round has been joined by Sequoia Capital and Joy Capital, with Chinese media reporting that they have raised $500 million USD so far. NextEV already has offices in Silicon Valley, as well as Munich and London.
NextEV isn’t the only Chinese effort that has made moves to expand its operations globally either. Last week Chinese state-owned automaker BAIC Motor Corp, announced an R&D centre in Silicon Valley. They also revealed that they have taken on a majority stake of California-based electric car maker Atieva, and will begin developing electric cars.
LeTV, a Chinese video streaming company that has since diversified into smartphones, also announced that they are working on an electric vehicle with an R&D centre in Silicon Valley, which will be released in the first half of 2016.
Despite their international outlook on R&D, it’s likely the Chinese companies will look to gain early traction in their home market, rather than starting up overseas. Despite their global presence, all three of the aforementioned electric vehicle projects strongly favor Chinese investors.
NextEV is looking to release their first project, an electric supercar, by 2016. It’s tipped to have over 1000 horsepower and have the ability to accelerate from 0 to 100km/h (62 mph) in less than 3 seconds.
To learn more about the project check out Four Hi-Tech Car Concepts From Chinese Internet Companies You’ll See Within A Year