China’s Internet firms eye electric car market

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Electric cars. Photo: iStock

China’s top-ranked Internet companies, including Baidu, Alibaba and Tencent, also known as BAT, are busy parking their money in the electric car industry, in order to gain access to smart cars, Yicai.com reported.

For example, NIO, the Chinese smart car start-up which has received the largest amount of financing so far, has 56 investors, including Internet companies like Tencent, Baidu, JD.com, Xiaomi and Lenovo.

The company has received more than US$1.7 billion ever since 2014, with the latest US$1 billion-dollar injection led by Tencent.

Meanwhile, WM Motor, another new energy car start-up, which earlier received a US$1 billion investment from Baidu, will soon receive fresh cash from Tencent and Sequoia Capital.

According to a CB Insights report, investors have injected more than US$4.8 billion in electric car technology in 150 deals as of the end of October. Among them, Chinese capital mainly moved into NIO, Xiaopeng, WM Motor and Singulato.

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