NIO, formerly NextEV in the U.S., is a global start-up, designing and developing smart, high-performance, premium electric vehicles. NIO has thousands of world-class R&D and design experts from around the world with significant technology and management background from leading automobile and high tech companies. NIO has more than 2,000 employees in San Jose, Shanghai, Munich, London and eight other locations. In October, NIO USA announced that it was issued an Autonomous Vehicle Testing Permit by the California DMV and it would begin testing on public roads under the Autonomous Vehicle Tester Program guidelines as it progresses on its path to bring autonomy to market. Investors include Tencent, Temasek, Sequoia Capital, Lenovo, TPG and other world-renowned investment institutions. The company is also involved in the FIA Formula Championship, the world's first single-seater, all-electric racing series.