03
The Investments in
Electric Cars and
Their ESG Characteristics
Source: Nasdaq, Inc. Official Site and Institutional Investors’ Official Sites
Funding is completed in 4-6 years
Unlisted
Unlisted
2018 IPO
2020 IPO
2020 IPO
2010 IPO
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
Source: Publicly available press releases, all the derivative rounds are not additionally marked in this figure, e.g., Series B+ is contained in Series B
It took four to six years for them from the very first capital obtained (strategic investment or angel round) to stock exchange debut. NIO was the quickest one to finish the entire process, starting fundraising in 2014 and filing for IPO in 2018. Except for a shorter duration, start-up electric carmakers can attract more sophisticated investors as the funding progresses. WM Motors, an upcoming IPO, closed its first round of funding in 2016 with a USD 1 billion investment from Yuema Capital, a second-tier investment firm, but before its latest series D+ funding closed on September 22 where SAIC Capital led the investment, Baidu Capital affiliated in series B, and Sequoia Capital China and Tencent Investment converged in series B+.
Shift in Energy   is also underway
In China, the part of the electricity generated from clean sources has gone through significant growth over the past decade, although high-carbon thermal electricity still has the biggest share. In 2019, around 28% of the electricity was generated from clean sources.
2011
2020E
Thermal
83.02%
Hydro
12.88%
Nuclear
1.89%
Wind
1.53%
Clear Power Generation (%)
Source: CEIC Data. (2020). China Electricity Production