China-based electric car manufacturer NextEV, backed by internet company Tencent, has raised $500m in funding, China Money Network reported today, citing unconfirmed media reports.
The round was backed by Sequoia Capital and Joy Capital, as well as several unnamed investors. Tencent provided an undisclosed sum alongside Hillhouse Capital earlier this month, suggesting it may have been part of this same round.
Founded in 2014, NextEV hopes to take on US-based rival Tesla Motors. The company has already opened offices in Europe and the US, and expects to launch its first vehicle in 2016.
The company’s shareholders also include private investors William Li, Xiang Li and Richard Liu.
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