Shanghai-based electric vehicle maker NIO has been a presence in San Jose for some time, but now it’s ready to make its presence in Silicon Valley even bigger as it looks to expand into a building next to its North American headquarters there. NIO will be adding around 100,000 square feet at 3100 North First Street in San Jose, more than doubling the space it occupies next door at 3200 North First Street. The company confirmed on its website that its facilities in the region cover over 187,000 square feet with approximately 520 employees.
The space in the Bay Area complements the company’s global expansion. NIO also have offices in Munich, where it houses its design team, and London, chiefly responsible for the NIO Formula E team and development, along with San Jose and Shanghai.
NIO, which is backed by Chinese multinational conglomerate Tencent, had filed in May of this year for a confidential filing with the U.S. Securities and Commission, according to a report from Bloomberg. The share sale, the report stated, could raise as much as $2 billion.
The Bloomberg report also stated that Baillie Gifford & Co. and Hillhouse Capital are investors in NIO, too. Tencent helped the company raise more than $1 billion in late 2017.
In a report by the San Jose Mercury News, it was stated that CBRE ad Colliers arranged the leasing deal. Robert Steinbock, senior vice president, represented Vista Investment Group, the landlord. Jere Hench and Sean Toomey, senior vice presidents at Colliers, worked with NIO to secure the lease.