Li Yinan, founder and former CEO of Niu Technologies, a China-based, US-listed maker of electric scooters, has now quietly entered the new energy vehicle industry after being out of the public eye in China for a long time.
Li has joined the new energy vehicle startup scene, using the same extended-range technology solution as Li Auto, according to Chinese media reports.
His first car is an SUV, and he plans to enter the market around RMB 200,000, the reports said.
According to the reports, Li's new energy vehicle project has been launched for more than a year and has set up R&D centers in Shanghai and other places, with a team of more than 100 people.
Li graduated from the junior class of Huazhong University of Technology at the age of 15 and became executive vice president of Huawei at the age of 26.
In 2000, Li left Huawei to found Harbor Network, which was acquired by Huawei in 2006.
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However, two years later, Li left Huawei again and worked as CTO of Baidu, CEO of China Mobile's Infinite Xunqi, and partner of GSR Ventures.
In 2015, Li founded Niu, claiming to use the best materials and cutting-edge technology to build one of the most powerful electric cars in China.
Niu released the Niu Car N1 in 2015, which raised $72 million in 15 days of crowdfunding.
But just two days after the launch, Li was arrested on suspicion of insider trading and eventually sentenced to two years and six months in prison.
In December 2017, Li was released from prison, but because Niu was preparing to go public, Li's status was no longer suitable and he resigned. The CEO of Niu was succeeded by Li Yan.
There are many new energy vehicle startups in China, including not only NIO, Li Auto, and Xpeng Motors, which are the three most well-known startups, but also traditional car companies such as BYD. Wether Li Yinan, who is now 50 years old, will be able to recreate the legendary color and technological aura of the past in the new energy sector is still unknown.
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