Everbright-IDG Industrial Fund invests in NIO

After getting $600 million in funding last March from Tencent, Baidu and other investors, Shanghai-based electric car maker NIO, formerly known as NextEV, has received an undisclosed sum in a Series C round from Everbright-IDG Industrial Fund. Why are investors so bullish on NIO? According to sources, China’s electric car market is the biggest in the world with more sales than US and Europe in 2015 and 2016. The Chinese government is also pushing to curb air pollution in its cities, thus electric cars are gaining traction. Furthermore, NIO is one of China’s most exciting electric car makers. Last year, its NIO EP9 broke an electric vehicle lap record at Nürburgring Nordschliefe. The company is also smart to introduce a large SUV at a time when demand for SUV vehicles is high among affluent Chinese buyers.

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