NIO Capital Established in Wuhan
NextEV and NIO Capital held an agreement signing ceremony on December 11 in Wuhan, to announce they had reached a strategic cooperation agreement with Hubei province. According to the official agreements signed between NIO Capital, the Hubei Yangtze River Industry Fund, and officials representing the Wuhan East Lake High-tech Development Zone, NIO Capital will be established in Wuhan, and fund the construction of the Yangtze River NIO New Energy Auto Industrial Park in the Wuhan East Lake Development Zone.
The NIO Capital was co-established by NextEV, Sequoia Capital, and Hillhouse Capital. The Fund, which raised RMB 10 billion (US $1.45 billion) in its first round of funding, will primarily invest in innovative supply chain enterprises in the electric vehicle industry. The Fund also signed a cooperation agreement with the Hubei Yangtze River Industry Fund, considered one of the biggest domestic government industry leading funds. This agreement makes the Hubei Yangtze River Fund a cornerstone investor of NIO Capital.
NIO Capital has been officially incorporated in the Wuhan East Lake High-tech Development Zone.
NextEV, NIO Capital, and officials representing the East Lake High-tech Development Zone, also reached an agreement to construct the Yangtze River NIO New Energy Auto Industrial Park. The park will serve to attract and encourage innovative supply chain enterprises related to new energy vehicle supply chain R&D and manufacturing.
Guangjing Cao, Deputy Governor of Hubei, and government officials from Hubei, Wuhan, and the East Lake High-tech Development Zone, all attended the agreement signing ceremony.