Nio, the new vehicle in the market of the electric cars, has become a lifesaver as another $1 billion investment from different Chinese investment funds.

The urgent supports secure Nio’s future and will guarantee new vehicles keep on being developed.

Reuters has a report on the investment after a Nio conference on Wednesday. The company stated that the investment doesn’t affect any present associations with different companies, nor its posting on the New York Stock Exchange.

A year ago, Nio reported its co-founder was to leave the company, and not long after that, it laid off 1,200 employees. There, Nio’s been pushing its two cars as it hopes to discover a balance. The early promotion saw it marked the Chinese Tesla and the company had large desires to fill.

The Nio ES8 released first with Model X-rivaling specs, however, it followed by slow sales. The more moderate ES6 electric SUV made up a bigger bit of its conveyances towards the end of 2019. Nio sold just less than 4,000 cars until this year through March, and the company said it’s beginning to notice a recuperation.

China’s lingering auto market was somehow to fault for Nio’s rough beginning, and this year, the coronavirus put an end to any assumed gains in the nation.

Nio said any negative impact on the company due to COVID-19 has since passed, however, and its suppliers are in good shape going forward. Nio sold just under 4,000 cars so far this year through March, and the company said it’s starting to see a recovery.