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NextEV, a Chinese company is all set to take over Tesla in near future

NextEV has recently tied up with Nanjing Municipal Government in China to build a $ 3 Billion RMB plant for electric vehicles. It is aiming to compete with Tesla, the biggest electric car manufacturer till date. 

Tesla had recently announced Model 3, the latest version of Electric car for $35000. It is expected to  release in the year 2017. NextEV, another company in China is working in stealth mode to build up a factory for electric vehicles. Founded just an year ago, NextEV has raised $500M in 4 funding rounds till now. The company focuses on building up a factory in partnership with Nanjing Municipal Government in China.

“The plant will have a production capacity annual output of 280,000 units when it goes into operation in the second half of this year, and we will focus on NextEV’s proprietary intellectual technologies such as our world class motors and electronic modules, for the first phase,” NextEV Co-founder & EVP, XPT CEO, Jack Cheng said in the press release.

NextEV Founder and Chairman William Li adds, “NextEV believes that electric vehicles’ core components and their related products will be the next battleground for the industry, and we have developed our own proprietary intellectual technologies, on par and exceeding international standards, like the drive system assembly through our emphasis and investments in Research and Development. Chinese enterprises need to cooperate to develop complementary synergies in win-win relationships in order for China’s electric automotive industry to be globally competitive. To this end, NextEV is willing to share our technologies, and build key components for other domestic electric vehicle manufacturers.”

NextEV also concentrates on the components and products associated with electric vehicles along with high performance vehicles. Time will only make it clear if NextEV would be able to surpass Tesla, as both the companies are targeting similar consumer based model of electric vehicles. For US operations the company has hired Padamsree Warrior, former CTO of Cisco and Motorola.

Takeaways:

  • NextEV has setup the factory in China to build Electric Vehicles, its components and related products.
  • The company aims to build superior class vehicles and become the first User Enterprise.
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Startup-Buzz Team

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