PHOTO CAPTION: NIO EP9 electric sports car

NIO Raises A Billion to Build Tesla Beaters

Backed by China's second most valuable company, Tencents, electric car startup NIO pulls together more funds to keep working on its plans, which includes bringing an autonomous EV to the US by 2020.

Published: 13-Nov-2017

As once would-be Tesla competitor Faraday Future continues to steadily implode, another Chinese rival, NIO (formerly NextEV) is having better luck with its efforts to bring its futuristic electric cars to market, which include a mouthwatering supercar dubbed the EP9, pictured above.

According to reports, the company's latest round of investors include U.S. hedge fund Lone Pine Capital, Chinese investment firm CITIC Capital and Scottish fund manager Baillie Gifford. Tencents, itself, was recently valued at $475 billion. Earlier investors include Hillhouse Capital Group and Sequoia Capital.

Presumably this latest round of capital will help fund continued research and development, in particular its quest to offer a Level 4 autonomous car by 2020. It's already partnered with China’s fourth-largest automaker Chongqing Changan Automobile to produce and sell electric cars.

Below are two other concept EVs that NIO's rolled out for the press in the last two years: the somewhat traditional-looking ES8 crossover SUV and the very futuristic EVE (second image below).

Nio ES8 electric SUV

Nio EVE concept car

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