BP invests $10m in NIO Capital fund

Move is part of transition toward new energy industries, China opportunities

Global oil company BP Plc has accelerated its transition into the new energy vehicle age in China, investing $10 million in the NIO Capital US dollar fund through its BP Ventures arm to support the fund's work in China's new energy vehicle sector.

BP aims to leverage China's electric vehicle ecosystem and contribute to the sustainable development of the country's mobility industry through the partnership, said BP China president Xiaoping Yang.