China's electrical vehicle maker NIO has announced that its chip subsidiary, Anhui Shenqi Technology Co., Ltd., has completed its first round equity financing agreement, raising over 2.2 billion yuan, with a post-investment valuation close to 10 billion yuan.

This round of financing has attracted several industrial capital and leading industry institutions, including Hefei Guotou, Hefei Haiheng, IDG Capital, SMIC Juyuan, and Yuanhe Puhua.

This financing will support Shenqi in the continuous research and development and promotion of high-end, highly competitive chip products, bolstering NIO's long-term strategy in fields such as autonomous driving and embodied intelligence.

(Note: 1 U.S. dollar equals 6.9 Chinese yuan.)