Internet company Baidu is lining up a $100m investment in China-based smart electric vehicle (EV) developer NextEV as part of its series C round, China Money Network reported yesterday, citing local media reports.
Founded in 2014, NextEV is working on EVs and autonomous car technology. It operates a team in the Formula E racing championship and in November 2016 it released its first vehicle, a supercar it claims is the world’s fastest electric car.
The series C would follow a $500m round closed in 2015 that reportedly included internet group Tencent, hedge fund manager Hillhouse Capital and venture capital firms Sequoia Capital and Joy Capital.
Consumer electronics producer Lenovo Group, investment firm Hopu Investment Management, private equity group TPG and Singaporean state-owned firm Temasek Holdings reportedly added an undisclosed amount of funding in July 2016.
Reports suggest NextEV intends to use Baidu’s technology, which is being developed through a newly formed subsidiary, in its first mass-produced model, an EV it aims to sell domestically for half the price of the Tesla Model S.
– Photo courtesy of NextEV