That should be enough cash to kick start production of its Eve electric hatchback.
Chinese-based tech giant Baidu is reportedly investing some serious cash into electric car startup Nio. The company, which recently began investing into tech-based startups, has led a financing round following the debut Nio’s new Eve concept, and the initial success of the EP9 supercar.
"We can confirm that Baidu has led investment in this round of funding," the company told Reuters in a statement. Though Baidu neglected to give a dollar amount as to the total investment, reports suggest the overall funding round is valued at up to $600 million, giving Nio more than enough to continue development.
Already, the Nio company is backed heavily by Chinese investors like Tencent, and tech entrepreneurs like William Li from Biauto. In the U.S., the company is led by CEO Padmasree Warrior and includes a board of autonomous driving experts from Tesla and Apple.
The EP9 supercar, which made its debut in October, lays claim to being the fastest electric car on the Nurburgring, with a time of 7:05:12, and the fastest autonomous car to ever lap the Circuit of the Americas in Austin, with a time of 2:11:30. All that performance comes courtesy of a 1,341 horsepower (1,000 kilowatt) electric motor.
Following the EP9, the company debuted its Eve concept. The more mass-market electric vehicle comes with a number of unique features, including forward-sliding doors, a full glass roof, and supposed autonomous capabilities.
With this $600 million investment secured, Nio hopes to have its Eve electric hatchback on the road by 2020, including markets like the U.S. The company hasn't revealed any performance details on its Eve concept yet, but promises it will have fully autonomous capabilities when it does go on sale.