Chinese internet giant Baidu has led an investment round into the electric vehicle startup NIO, formerly known as NextEV, with the overall funding round reportedly valued at up to $600 million.
Baidu’s spokesperson confirmed the investment to Reuters without disclosing the figures. Last year, NIO unveiled EP9 in London, which it claims to be the world’s fastest electric car. The company is also working on NIO eve, an electric-autonomous car to be ready by 2020.
Another Chinese tech giant Tencent too has reportedly invested in NIO.
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