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William Li, who is also chairman of electric vehicle startup Nio,
did not elaborate on the fundraising.
The investments in Bitauto unit Yixin Capital, the last round
completed in August 2016, are aimed at growing its business in
online automobile finance and related transactions, a spokesman
said.
Chinese traditionally avoid taking out loans to buy cars,
although consultancy Deloitte expects that to change with 50
percent of cars to be bought on credit in China by 2020 as
automakers aggressively push financing to increase sales.
In the United States, more than 80 percent of cars are bought on
credit.
(Reporting by Jake Spring and Norihiko Shirouzu; Editing by
Christopher Cushing and Mark Potter)
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