NextEV announced on June 30th that the company has acquired billions of dollar in Series B round of financing from several institutional investors home and abroad, including Temasek, GPG and Lenovo, following its 500 million dollar in Series A round of financing in last September.

 

NextEV, which is often seen as Tesla’s Chinese rival, announced last year that the company will build electric vehicles. In April, this carmaker has entered into strategic cooperation with JAC, a Chinese A-share company, to work jointly on alternative energy vehicles and intelligent connected auto industry chain. On April 6th, NextEV had its very first partner conference in Shanghai with several tier 1 core components suppliers, manufacturers and investors, including Bosch, Samsung SDI and Hillhouse Capital. The next day, NextEV and JAC has entered into a 5-year strategic cooperation that will jointly invest 10 billion yuan in the development of alternative energy vehicles and intelligent connected auto industry chain, with a focus on battery, motor, ECU and auto electronics. Some sources revealed that JAC will build NextEV’s very first pure battery SUV, which will make its debut in late 2017 or early 2018, aiming at Tesla and other IC models from 500,000 to 1,000,000 yuan. It’s known that NextEV will introduce new model iterations as fast as iPhone and find more manufacturers to build cars for them. The same sources revealed that NextEV has no plan to build its own Chinese plant in the near future. NextEV has announced in late April that the company’s production base, which will manufacture high performance motors and ECUs, has been completed in NanJing. Besides, the company has also set branches in San Jose, Munich, Shanghai, Beijing, Hong Kong and London. The same sources revealed that NextEV will introduce a supercar in late 2016, mainly for demonstrating its brand and capability.