BP Partners With Chinese Electric Car Startup

Traditional oil companies are starting to tap into the emerging sectors of electric cars and smart driving.

Global oil giant BP PLC will partner with a Chinese rival to Tesla to explore business opportunities in emerging sectors such as electric cars and internet-based transport in China.

BP said Thursday that its venture capital unit has entered into a long-term partnership with NIO Capital, the investment arm of Chinese electric car startup NIO, to explore prospective investment opportunities in the fields of electric vehicles and batteries, new energy infrastructure and smart car systems.

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