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BUSINESS & TECH

Flush With Cash, China's Electric Car-Makers Swing Into Fast Lane

Electric car-makers Nio's first mass-produced SUV, the ES8, is unveiled at the Shanghai Auto Show in April 2017. Nio is backed by Tencent Holdings Ltd. and has raised about 15 billion yuan ($2.3 billion) in the course of five rounds of fundraising. Photo: VCG
Electric car-makers Nio's first mass-produced SUV, the ES8, is unveiled at the Shanghai Auto Show in April 2017. Nio is backed by Tencent Holdings Ltd. and has raised about 15 billion yuan ($2.3 billion) in the course of five rounds of fundraising. Photo: VCG

Dozens of startup electric-vehicle manufacturers are benefiting from an investor gold rush spurred by government support for the domestic auto industry and new-energy transportation.

Among the estimated 20 electric-vehicle startups that have launched since 2014, the first 10 out of the gate have reportedly secured investments totaling more than 50 billion yuan ($7.9 billion).

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