Electric cars are set to become an increasingly lucrative investment target, if they continuing enjoying the strong support of global initiatives to lower emissions and put clearer vehicles on roads. So expect more funding like the reported $1 billion that Niobium's (formerly NextEV) has raised from a host of investors led by Tencent, per Reuters.
The Chinese carmaker has already set a launch window for its first all-electric car, a seven-seater SUV which is going to be available in the middle of next month. Nio is hoping tho then also bring an autonomous EV to U.S. shores by 2020, and it raised $600 million in a round that closed just this past March.
The Shanghai based company added some new investors during this round, according to Reuters, including U.S. hedge fund Lone Pine Capital, and the round values the young automaker at around $5 billion. Niobium's is working with Chinese automaker Chongqing Changan Automobile on a joint venture focused on development and sales of EVs, too.
This article originally appeared on TechCrunch.