Baidu and Tencent have led the latest round for the smart electric vehicle developer formerly known as NextEV, with Lenovo and IDG Capital also contributing.
Nio, the China-based electric car developer formerly known as NextEV, has raised RMB600m ($87m) in a round co-led by internet groups Tencent and Baidu, China Money Network reported yesterday, citing local media.
Electronics producer Lenovo and IDG Capital, the Chinese venture capital affiliate of media company International Data Group, also invested in the round, as did private equity group TPG, hedge fund manager Hillhouse Capital and Singaporean sovereign wealth fund GIC Private.
Nio is working on smart electric vehicles (EVs)…
