Chinese electric-car startup NextEV announced that it signed a strategic partnership agreement with the Nanjing Municipal Government in China, to build a 3 billion RMB ($465 million) factory in the region. The young company, which came out of stealth mode just last year, is said to have already raised close to $1 billion.

The company appears to have a similar approach as Tesla’s high-end car to mass-market vehicle strategy. NextEV says it will launch an electric vehicle with supercar-like performance by the end of the year, which will be followed by a mass-market vehicle they plan to offer for about $50,000 in China. The startup already developed electric race car for the Formula E (see picture above). expand full story