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 Network, but Reuters’ sources did not confirm its participation.
Founded as NextEV, Nio is working on an electric autonomous car equipped with a personalised digital assistant that it aims to bring to market by 2020. It has already created a supercar called the EP9 which has been clocked as the fastest electrically-powered vehicle in the world.
The company had reportedly raised about $1bn prior to the latest round, most recently closing an $87m round co-led by Tencent and Baidu in March this year that valued it at $2.9bn.
The March round also featured consumer electronics provider Lenovo, IDG Capital, TPG, Hillhouse Capital and GIC Private, and followed an undisclosed amount of funding from Lenovo, TPG, Temasek and Hopu Investment Management in July 2016.
Nio had previously raised an undisclosed sum from Tencent, e-commerce group JD.com and Shunwei Capital in 2015, before adding $500m from Tencent, Hillhouse, Sequoia Capital and Joy Capital later the same year.