Asian Tech Press (Dec 15) -- Nasdaq-listed Niu Technologies founder Yinan Li reportedly announced on Wednesday that he will start making electric vehicles, competing with the fast-growing Nio, Li Auto and Xpeng in China.

Niutron Technologies Group Ltd, founded by Yinan Li, has launched its English brand "NIUTRON" and Chinese car brand "Ziyoujia", or "self-traveler", and its first product, Ziyoujia NV, will be available for pre-order in the first half of 2022, with delivery starting in September of the same year, according to media reports on Wednesday.

Li also announced that the brand "Ziyoujia" has received $500 million in Series A financing round, and the investment institutions include Boston-based IDG Capital and U.S. investment management company Coatue.

This is the first time that Niutron Technologies has released a lot of information to the public, but in fact the car-making project has been in preparation since November 2018.

Niutron founder introduced that the company currently has close to 1,000 core R&D staff, all from mainstream first-tier automotive companies in China and abroad, with an average working experience of more than 10 years. In terms of team layout, its brand headquarters is located in Beijing, with an R&D center in Shanghai.

The power scheme of the Ziyoujia NV has been determined as two technical routes, the battery electric vehicle (BEV) and the extended-range electric vehicle (EREV).

In 2015, Niu Technologies was founded, allowing Yinan Li to formally enter the ranks of entrepreneurs, but soon after the company started, he was imprisoned for suspected insider trading and subsequently stepped down as CEO of the company.

Niutron Technologies is Li's new starting point. Although the timing is significantly later than the three major EV makers, Nio, Li Auto and Xpeng, the startup has a leading position compared to Xiaomi and Jidu Auto and other Internet companies that are expected to have mass production in 2024.