CHINA EV START-UP IN $1BIL TESLA CHALLENGE

China Electric Car Startup Seeks $1 Billion in Tesla Challenge

September 16, 2015 (Bloomberg News)

“A Chinese electric-car startup with ambitions to challenge Tesla Motors Inc. has raised about half of the $1 billion it’s seeking, roping in investors including Sequoia Capital and Joy Capital as part of plans to develop affordable, connected green cars...NextEV Inc., set up last year by founder William Li and a group of Internet entrepreneurs, is backed by Tencent Holdings Ltd. and Hillhouse Capital. The carmaker is targeting to roll out a supercar model in 2016…and plans to outsource production to traditional auto manufacturers…A number of startups have sprouted in China in the past year, backed by investors and Internet companies that see opportunities in the government’s policies to promote electric cars and upgrade traditional manufacturing industries…Besides the supercar, NextEV plans to offer mass-market models that will cost less than half the Tesla Model S, which starts from 620,000 yuan ($97,000) in China. The goal is to offer Chinese consumers smart connected electric vehicles that they can afford…” click here for more

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