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Only 1% of China Electric Car Startups to Survive, Investor Says


Just a GM Chinese car I picked out. Nice isn't it?

China is home to hundreds of startups betting on the electric car revolution, but only 1 percent will be able to survive in an industry that requires significant investment in technology, according to NIO Capital.

The venture capital fund, which is partly backed by Chinese electric-vehicle company NIO, is nonetheless very cautious on buying into EV startups, said Managing Partner Ian Zhu. The Shanghai-headquartered firm is seeking to raise 10 billion yuan ($1.5 billion) for an onshore fund and favors investing in joint projects between auto startups and traditional carmakers because they combine innovation with real manufacturing capabilities, he said.

“It’s a very complicated system that needs abundant investments and a large group of people to be able to build a car from scratch,” Zhu said in an interview in his Beijing office on Aug. 3. “Therefore, the survival rate of all these EV startups will be very low.”
Read the rest at Bloomberg.
 

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Nice little car. Where's the back half? :)
 

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GM's answer to the Smart car. I think it's cute and could see it for those golf/beach communities where people drive pimped-out golf carts.

Now let's see GM do a small pickup truck for all the city commuter cowboys.
 
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