Autos

Chinese EV start-up Nio secures major funding boost


Chinese electric vehicle start-up Nio has received a major boost by securing investment worth around £800 million.

The firm, founded by tech entrepreneur William Li, has launched a range of premium EV saloons and SUVs in China and has aspirations to eventually expand globally.

It also developed the EP9 electric hypercar and has a performance division based in the UK.

The firm has recently been searching for backing to support its ambitious plans, with its share price on the New York Stock Exchange hit by sceptical traders. But it has now secured major investment from a group of investors led by the Chinese state-controlled Hefei City Construction and Investment Holding.

The investment has been made into a new firm called Nio China, which the NYSE-traded Nio Inc will control 75.9% of. It will include all of Nio’s operations in China and be based in the city of Hefei, where the firm has a manufacturing plant.

In a statement, Nio said the investment was “another important milestone” that would aid its long-term growth by giving it the funds to develop future products and technology.

These will likely include its NP2.0 second-generation platform, a revamped electric powertrain and semi-autonomous driving systems as part of a partnership with Intel’s Mobileye division.

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