Nathan Yu also known as Yu Ning, former vice president of Chinese automaker Geely Holding Group, has joined NIO Capital, a private equity fund established by Chinese electric car company NIO, as managing partner.
Yu worked at Geely for four years and was responsible for its international business. He led the acquisition of Malaysian automaker Proton car and U.K. luxury sports car brand Lotus car, as well as U.S. flying car company Terrafugia.
Yu will focus on vehicle investment, while NIO Capital’s other partners Zhang Junyi will focus on smart transportation and automobile industrial chain, and Zhu Yan will look at new energy investments, according to NIO Capital’s announcement.
Prior to Geely, Yu was chairman of Fiat Powertrian Technologies in Asia Pacific, a Fiat Group’s division taking care of all activities related to powertrains and transmissions. Previously, he held different positions at Liaoning SG Automotive, General Dynamics, and Daimler Chrysler in China and U.S. He holds a Ph.D in automotive engineering from China Agricultural University.
NIO Capital was established by electric vehicle company NIO in 2016. It invests in electric vehicles, autonomous driving, shared mobility, new energy network, new materials and more. Its first RMB fund, the NIO New Energy Development Fund, was co-founded by NIO, Sequoia Capital China and Hillhouse Capital, with Yangtze River Industry Fund.
Its portfolios include Shouqi Limousine & Chauffeur – a Chinese ride-booking app backed by Beijing-based automobile company Shouqi Group and Momenta – a Beijing-based autonomous driving tech start-up.
In April, NIO Capital was reportedly close to completing the first round of a US$500 million offshore fund that will invest in new automotive technologies.