Home » Chinese Electric Car Startup Nio Raises $1B+ From Tencent

Chinese Electric Car Startup Nio Raises $1B+ From Tencent

Chinese electric vehicle startup Nio has raised more than $1 billion in its latest fundraising round. The new funding round was led by existing investor Tencent Holdings Ltd, thus valuing the firm at about $5 billion, according to a report by Reuters.

Investors that have newly invested in the company in this round include U.S. hedge fund Lone Pine Capital, Chinese investment firm CITIC Capital and Scottish fund manager Baillie Gifford. The fundraising comes as Beijing has been promoting electric vehicles in its battle with urban smog, with startups flooding the market after it opened up the sector to investment from technology firms and other backers outside the industry.

It marks a hectic news week for Tencent, Asia’s second-most valuable company with a market capitalization of around $475 billion. Snap Inc on Wednesday said that Tencent had acquired a 12 percent stake in the messaging app. A day earlier, Tencent’s e-book unit China Literature Ltd saw its shares surge more than 80 percent in their debut.

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