(Yicai Global) Jan. 4 -- China’s new energy vehicle makers such as Nio and Xpeng Motors together attracted a record level of investment last year that topped an annual total of CNY100 billion (USD15.47 billion) for the first time.
NEV manufacturers completed 89 financing rounds to nearly triple the total take to CNY129.2 billion (USD19.8 billion) in 2020 from a year earlier, according to a report released today by corporate information platform Qichacha.
Shanghai-based Nio wrapped up five funding rounds over the year, raising more than CNY20 billion (USD3.1 billion). Other major funding recipients were Xpeng Motors and Li Auto, both of which went public in New York. New players included China Evergrande New Energy Vehicle Group and Zhiji Auto, backed by Alibaba Group Holding and SAIC Motor.
Sales of NEVs rose 3.9 percent in China between January and November, according to the China Passenger Car Association, despite the steady phasing out of subsidies. In contrast, overall passenger car sales fell 8.8 percent amid a multi-year downturn. On Jan. 1, NEV purchase subsidies were cut a further 20 percent.
Over the past decade, Chinese electric carmakers have closed almost 900 funding rounds, worth at least CNY384.1 billion, per the Qichacha report. Nio ranks first with CNY32.8 billion, followed by entrepreneur Jia Yueting's Faraday Future at CNY31 billion. Beijing State-owned Assets Management’s unit BAIC BluePark New Energy Technology secured CNY27 billion.
Editor: Emmi Laine