China Firms Accelerate Fundraising in Push for Advanced Car Tech [Bloomberg Business News]
Intel Corporation (INTC)
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Source: Bloomberg Business News
Two Chinese firms are accelerating fundraising efforts to expand their foothold in self-driving and other advanced auto technologies, part of the country’s push to increase its influence as the car industry transforms. NIO Capital, the investment firm affiliated to electric-vehicle startup NIO, is close to completing the first round of its $500 million offshore fund that will put money in new automotive technologies, according to people with direct knowledge of the matter. Horizon Robotics Inc., a startup seeking to dominate a market of 30 million autonomous-driving vehicles in China by 2025 with its chips, said it is to close a new round of financing to boost its research capabilities. China’s Drive to Become the Detroit of Electric Cars: QuickTake China has vowed to build a world-leading manufacturing sector with its Made in China 2025 plan as the second-largest economy moves upward in the value chain. Chinese investors have been pouring billions of doll
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