Nio Capital, a venture capital firm founded by Willliam Li, chief executive of Chinese electric-vehicle maker Nio, is reportedly investing “dozens of millions of dollars” in an EV startup that plans to enter the country’s upper premium and luxury auto segment. The company, called Zhixing in Chinese pinyin, expects to launch its first model at a price of around RMB 1 million ($150,000) in 2025, according to a Monday report by media outlet LatePost. Sources said the vehicle will be built on the latest generation of Nio’s NT 3.0 platform. Zhixing will also collaborate with Nio for supply chain and charging infrastructure. [LatePost, in Chinese]