Gotion will be eligible to receive US tax benefits totalling $213 million over 30 years and also get $125 million in capital funding from Illinois

State media said the investment was a clear sign of Beijing's push to end the country's reliance on foreign semiconductor firms

Among major backers of the chip designer is smartphone giant Xiaomi, which won approval last month from China's state planner to manufacture electric vehicles

The Chinese electric vehicle outfit’s president said the firm is aiming to take on European automakers on their home turf

The launch of the new Model 3 version marks the first time the automaker has rolled out a vehicle in China ahead of the United States; it will go on show in Munich in coming days

Apple, Nvidia, Alphabet, AMD, as well as Intel, Samsung, plus Cadence Design and Synopsys are among the firms and clients that said they will be strategic investors in the chip designer's listing

The car firm is following in the footsteps of rivals like Zhejing Geely who acquired smartphone maker Meizu last year in a bid to upgrade their cars’ tech offering

Shares of the still loss-making automaker have rallied more than 333% over the past five days, reaching a valuation of roughly $190 billion

The cause of the malfunction was not clear, but it comes amid an alert over harassing phone calls, likely from China, related to Japan's release of treated radioactive water from Fukushima nuclear plant

China’s top-selling automaker has returned sizzling sales figures and bumper profits despite a price war initiated by US EV rival Tesla

The deal is another shot in the arm for the currently loss-making startup, coming on the heels of a stake sale to, and partnership with, Germany's Volkswagen

Evergrande said its ability to continue will depend on implementation of its offshore debt restructuring plan, and successful talks with the rest of the lenders on repayment extensions