A stake of that size would be worth $4.5 billion at current market prices.
This will be BMW’s second JV in China. It has a joint venture with local carmaker Brilliance China Automotive Holdings.
New JV will be owned 25% each by Nissan and Renault and 50% by Dongfeng.
Geely Automobile Holdings Ltd too said on Wednesday it was not planning a bid for FCA.
Most of the money will be used for product development.
It is the latest in a series of investments Bitauto has raised from three of China’s biggest technology companies.
“A car business is the world’s toughest business to start.”
Other potential bidders include Peugeot maker PSA , Suzuki and Renault SA.
Faraday will build a much smaller auto assembly facility than originally planned in North Las Vegas.
Singulato’s fundraising follows an around $1 billion financing deal for another Chinese EV start-up WM Motor, again largely involving a municipal government. Other well-funded Chinese electric car start-ups include Future Mobility, LeEco’s LeSee, Next EV, Ch-Auto’s Qiantu Motor, and Changjiang Auto, as well as U.S.-based Chinese-funded start-ups Atieva and Faraday Future.