Chinese Tech Giant Baidu Invests Up To $600 Million In NIO

Chinese electric vehicle startup NIO has received up to $600 million in

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by Brad Anderson

March 28, 2017 at 23:36

Chinese electric vehicle startup NIO has received up to $600 million in investments from tech giant Baidu.

Hot on the heels of NIO unveiling its Eve electric car, Chinese search engine giant Baidu reportedly came knocking with its checkbook, offering the automaker over half a billion dollars of funds.

Baidu hasn’t confirmed exactly how much it has invested but a spokeswoman did tell Reuters that the company led investments in Nio’s latest round of funding.

Prior to this month, the company, formerly known as Next EV, had only revealed a single model, the EP9 electric hypercar. Shortly after that vehicle set an EV lap record at the Nurburgring, the Eve concept bowed to the world at the SXSW festival in Austin, Texas.

NIO hasn’t specifically said if the Eve will reach the production line but does intend on bringing road-going models to U.S. consumers in 2020.