Autonomous electric car developer Nio has raised more than $1bn in a Tencent-led round that valued it at about $5bn.
China-based smart electric vehicle developer Nio has secured more than $1bn in a funding round led by internet group Tencent, Reuters reported today, citing two people with knowledge of the matter.
The round, which valued the company at about $5bn, included hedge fund Lone Pine Capital, asset manager Citic Capital and investment firm Baillie Gifford, one of the sources told Reuters.
Another internet company, Baidu, was set to co-lead the round, according to local media reports cited by China Money…
