GUANGZHOU -- Chinese electric vehicle startup Nio is set to double its research and development expenditure this year from a year earlier, as industry players pour more money into their ventures to compete in the global EV race.
Electric cars in China
Chinese Tesla rival Nio to double R&D spending to $770m
Electric car maker strengthens product development as competition heats up
Nio, often dubbed China's Tesla, plans to commercialize its long-range battery by the end of 2022. (Photo by Takashi Kawakami)
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