By Jonathan Davies

Chinese vehicle manufacturer Ninebot has bought US rival Segway for an undisclosed amount.

Ninebot makes two-wheeled electric vehicles for standing riders, just like Segway. The two companies will continue to operate under their individual brand names.

Although the figure has not been disclosed, the Beijing-based company said it had received $80m (£54m) in funding from smartphone manufacturer Xiaomi and investment firm Sequoia Capital.

It comes after Segway tried to get an import ban imposed on Ninebot after it accused it, and several others, other infringing its patents.

"It [the acquisition] creates a development opportunity for the short-distance transportation industry, which the combined company will lead by widely applying a series of technologies, such as electric driving, mobile internet and human-computer interaction on future products," said Ninebot chief executive Lufeng Gao.