China’s Tesla competitor NextEV supported by Internet investors image

NextEV, billed as a true rival to American electric car manufacturer Tesla Motors, has received the suppor of powerful and wealthy China-based internet entrepreneurs and financial investors, such as Tencent and Hillhouse Capital.

The latter is also an investor in Uber, the US ride sharing service that has managed to disrupt the traditional transportation services almost anywhere it decided to set up its business. And the backers of the NextEV company have already brought in experienced people – such as former Ford Motor executive Martin Leach. Other recruits include experts that previously worked for Tesla, BMW, Volkswagen and other global automakers. The only thing is the Chinese investors are among the numerous Chinese technology entrepreneurs amassing little to no automotive experience but still intending to deliver a host of new companies that develop electric autos. The pledge is also backed by the Chinese government, in the hopes of delivering green models that would curb pollution.

The Chinese government recently modified their laws to assist even further investments related to electric cars coming from non-automotive companies. Powerful Chinese technology groups have also showed their interest in putting money into electric car companies – including Alibaba, Xiaomi Technology and Leshi.

NextEV has been created as a Shanghai-based company and has already created offices in Europe and the United States – also showing signs that creating electric vehicles, more simple to develop than conventional cars, has allowed new companies to enter the automotive industry. And the company has plans to deliver their first model in a way that would attract the attention of the entire world. That means having an electric supercar that “ is expected to outperform all combustion (engine) supercars in the world,” according to NextEV spokeswoman Jili Liu.

Via Reuters

  • Mike Perro

    They’ll make them faster, cheaper, so much cheaper, and eventually better. Tesla was a great dream but like everything we buy in a house it’ll not survive. Insane