NextEV to receive US$600m from Baidu-led investment

nio-ep9-1

NextEV, maker of the Nio EP9 electric supercar, is set to receive investment funding led by Chinese search engine giant Baidu, as the latter expands beyond its core business areas of web search and advertising, as tighter regulations and competition from the likes of Alibaba weigh down on Baidu’s sales, according to a Reuters report.

“We can confirm that Baidu has led investment in this round of funding,” a spokeswoman said in comment to Reuters. The spokeswoman did not name any of the co-investors or an investment figure, however the news agency quoted local Chinese media as saying that the overall funding round was valued at up to US$600m (RM2.65 billion).

This outlay will be the first for Baidu Capital, a 20 billion yuan (RM12.83 billion) set up by Baidu for mid- to late-stage deals in the internet sector. The Reuters report also adds that NextEV already has backing from Tencent Holdings Ltd and Hillhouse Capital, and the financial backing will go towards new models such as the Nio Eve MPV concept.

The China-based company also plans to develop other all-electric models, including SUVs, MPVs and sedans. The company’s SUV is due later this year, and will have a 70kWh battery pack for a range of 531 km and performance “as good as or better than the Tesla (Model X) but cheaper,” said NextEV co-founder Jack Cheng.

The company made its mark in performance motoring circles when it clocked a Nurburgring Norschleife lap time of 7:05.12, surpassing the likes of the Nissan GT-R Nismo which charted a time of 7:08.69, while the Dodge Viper ACR did a lap in 7:12.13. The next quickest electric car, the Toyota PV E002, was 20 seconds behind the EP9’s ‘Ring time.

GALLERY: NextEV Nio EP9

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Mick Chan

Open roads and closed circuits hold great allure for Mick Chan. Driving heaven to him is exercising a playful chassis on twisty paths; prizes ergonomics and involvement over gadgetry. Spent three years at a motoring newspaper and short stint with a magazine prior to joining this website.

 

Comments

  • Kelab Penyayang Kunta on Mar 29, 2017 at 11:03 am

    See this company also got USD 600m just like how Volvo got USD$12 billion (RM55 billion)

    These are clever companies who know how to attract investments. The Swedish Government also clever to allow Geely to take full control of Volvo to revive the brand.

    We must learn how not to be stupid.

    Like or Dislike: Thumb up 6 Thumb down 3
  • Might as well gip to LeEco LeCopy… oh wait..

    Like or Dislike: Thumb up 2 Thumb down 5
  • Mikey on Mar 29, 2017 at 11:22 am

    OMG, NextEV, maker of the Nio EP9 electric Hyper Car lap the Nurburgring in a time of 7:05.12, surpassing the likes of Nissan GT-R Nismo & Dodge Viper(7:08.69/7:12.13)

    Looks like our mother earth have a chance to be GREEN again through Electrification with investment from some Chinese companies.

    Since they plans to develop other all-electric models, including SUVs/MPVs/sedans, can this company invest in M’sia & sell to us poor M’sian who is fed up of paying fuels without knowing what is the actual price of fuels in the coming months/weeks.

    Like or Dislike: Thumb up 3 Thumb down 4
  • We paid RM1.5B to Proton what do we get?

    Like or Dislike: Thumb up 4 Thumb down 0
  • horrayooi on Mar 29, 2017 at 1:48 pm

    I have been to China many times. They are quite successful in electrical vehicles. BYD is another company going big
    for electric buses and cars.

    Like or Dislike: Thumb up 1 Thumb down 0
  • Sonyman1 on Mar 29, 2017 at 1:53 pm

    Very soon the trio from grand tour will have to review this

    Like or Dislike: Thumb up 0 Thumb down 0
 

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