Portfolio Updates
NIO Capital Bulletin: February 2024 Edition

NIO Capital Updates

▌NIO Capital Completes the Second RMB Fund at Over 3 Billion Yuan

NIO Capital has successfully completed its second Renminbi fund, raising over CNY 3 billion. The fund will maintain its investment focus on Mobility & Logistics, New Energy, and Frontier Technology sectors. The Limited Partner (LP) investors participating in the fund comprise RMB guidance funds, national-level funds, family offices and listed companies.

Portfolio Updates

Financing Updates

▌Yunchuang Zhixing Concludes Series A Funding

Yunchuang Zhixing, an autonomous driving sanitation vehicle developer, has obtained tens of millions of yuan in series A funding to enhance product development, boost production capacity, and expand its market presence. Its vehicles are already operational in multiple Chinese cities such as Suzhou, Shenzhen, Beijing, and Guangzhou.


Business Updates

▌ClearMotion Starts Production in Changshu

ClearMotion, a producer of proactive control systems for the automotive chassis, commenced production in Changshu, Jiangsu Province. The launch marks a key milestone for automobiles equipped with the ClearMotion1 system to hit the road. It is also a landmark in the company’s commitment to enhancing the cabin experience and promoting sustainable mobility in China and across the world. 



▌XREAL Begins Production of Optical Display Modules for Smart AR Glasses

AR glasses designer and manufacturer XREAL started production of optical display modules for smart AR glasses. The company aims to make 3.5 million sets of such modules per year, generating RMB10.5 billion annually. In addition, XREAL’s latest smart AR glasses Air 2 Ultra are available for pre-order on its official websites in the U.S., the UK, Japan, South Korea, France, Germany, Italy, the Netherlands, and the Czech Republic. 


▌ Provides Driverless Ride-hailing Services in Beijing and Sees Road Test Mileage Surpass 30 Million Kilometers

●Robotaxis equipped with’s sixth generation of L4 autonomous driving system are available in Yizhuang District of Beijing. Passengers can place ride-hailing orders through’s PonyPilot+ app. 

● started the demonstrative driverless ride-hailing services between Beijing Daxing International Airport and Yizhuang District of Beijing. It has also launched pick-up and drop-off shuttle services between the airport and the district on the PonyPilot+ app.

●Vehicles with autonomous driving systems have covered more than 30 million kilometers in road tests since 2016.



▌PCG Power Helps Companies in Hunan and Zhejiang Go Green

●The 3.2MW rooftop photovoltaic project by Hunan Chenyu-Fuji New Energy Technology in Changde, Hunan, built by PCG Power, has been successfully connected to the grid. It's estimated to produce 2.74 million kWh of clean energy over 25 years, saving 824.25 tons of coal and reducing CO2 emissions by 2,258.67 tons, the equivalent of planting 120,000 trees.


●PCG Power participated in the 22.36MW/44.72MWh user-side energy storage upgrading project for paper manufacturer Xianhe Corporation, which launched construction. Upon completion, the project will not only respond to the demand for power grid dispatch, but also meet the ramp-up in Xianhe Corporation’s productivity, promoting its low-carbon and high-quality development.



▌BIBO Finishes Periodic Acceptance of Winter Calibration Test 

Two months after intelligent chassis solution provider BIBO launched its winter calibration test, more than 20 car models have undergone the low-adhesion and low-temperature calibrations. Several products, including the integrated brake-by-wire system BIBC (One-Box), have passed the clients’ periodic assessment and pre-acceptance. 


Cooperations & Partnerships


▌Ronbay Technology and LG Energy Solution Team Up to Develop Lithium Battery Materials

Chinese new energy material producer Ronbay Technology has signed a research and development agreement with South Korean battery giant LG Energy Solution to develop new lithium battery cathode materials, including lithium iron/manganese phosphate, cathode without precursors, and high-voltage and medium‑nickel battery materials. The two sides have also agreed to visit each other on an irregular basis to discuss and share the progress and achievements of the projects.


Global Expansion

▌Sunman Energy Presents Light-weight PV Module at Genera

Solar panel manufacturer Sunman Energy showcased its latest Dragonfly lightweight photovoltaic (PV) module at Genera, one of the largest and most influential trade shows for renewable energy, energy efficiency, and the environment in Spain. 



Honors & Awards

▌NIO Capital’s Portfolio Companies Honored as 2023 Deloitte China Technology Fast 50 & Rising Star

Several NIO Capital’s Portfolio Companies made it to the 2023 Deloitte China Technology Fast 50 & China Rising Star rankings. Specifically, Hiway and TrunkTech received the Deloitte China Technology Fast 50 accolade, while Newrizon and Jaguar Microsystems were named as the Deloitte China Rising Stars. 


▌Eacon Scoops Multiple Mining Industry Awards

Autonomous haulage solutions provider Eacon ranked second in the Best Scale-up Award and seventh in the Top 20 Mining-tech Deals of 2023 in The Mining Tech Report released by the world-renowned mining media InvestMETS. 


▌Nanopore Obtains IATF16949 Certification

New materials manufacturer Nanopore received the IATF16949 Certification, a passport to the global auto supply chain. The certification shows that Nanopore’s technical specifications and quality management standards have been fully recognized by the world’s automobile-related industries.


▌EVTech Recognized for Quality Products

EVTech, a provider of core components for new energy vehicles, received the Quality Assurance Award from Chinese start-up EV maker XPeng.