Another Chinese aspirant to Tesla’s throne, Weltmeister (威马汽车) has just announced a second funding round within a month. Three weeks ago the electric car startup announced to have secured funding from Baidu while the latest round led by Minmetals Capital, Tencent and Sequoia Capital was announced today.

Weltmeister has also reached an agreement for strategic cooperation with the Chentong Fund and Minmetals. But the more interesting part of the financing news is the company’s deals with China’s tech giants Baidu and Tencent. The company’s CEO Freeman H. Shen has stated that the entry of Tencent will bring more resources for Weltmeister in the areas in which Tencent rules—connectivity and content. Weltmeister’s total financing has now reached RMB 12 billion.

The electric automobile sector seems to become the new hot sector for tech, and Chinese tech giants Baidu, Alibaba, and Tencent have all poured money into the industry. It’s worth noting that Tencent has invested in both NIO and Weltmeister. Weltmeister’s CEO told TechNode there are are a lot of comprehensive reasons why big technology companies want to invest in electric vehicles.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives.