Chinese startup NextEV gets fresh cash infusion from Temasek-led group
Actual amount not disclosed by electric vehicle maker, but investors include TPG, Hopu and Lenovo
NextEV, the Chinese-backed electric vehicle start-up and rival of US-based Tesla Motors, is close to getting financing of a few hundred million dollars, according to mainland media reports.
Qin Lihong, the company president confirmed the investment on Thursday but did not specify the exact funding amount, according to news website nbd.com.cn. The latest round of funding is believed to have been led by Temasek and also has other investors like TPG, Hopu Investment Management and Lenovo Group.
It’s the latest investment to pour into the sector which is on a roll in China, the world’s largest electric car market, with more than 300,000 vehicles sold last year, more than triple the number sold in 2014.
In May, another Chinese electric vehicle startup Chehejia said it got 780 million yuan (HK$908.2 million) as Series A funding at a valuation of 2.98 billion yuan from eight investors including Shenzhen-listed Leo Group and Shenzhen Chenghong Assets Management, according to reports.
NextEV has been cash rich since it was created by Qin, a vice president at Chery Motors, a Chinese automaker, and William Li Bin, founder of China’s popular auto news website BitAuto, in 2014 in Shanghai.