Chinese new energy vehicle maker Enovate raises $298m
China-based Enovate, which designs and produces new energy-powered vehicles, has raised RMB2 billion ($298 million) in a Series A round.
The company did not identify the investors. It said the round was led by a large listed company, with participation from government guidance funds, professional investment firms, and funds dedicated to the new energy vehicle industry, according to a statement.
Enovate has now raised RMB6.5 billion in total. A pre-Series A round closed in 2018, and once again, the investors were not identified. The company added that it has started to raise a new round of funding.
Founded in 2015, Enovate is a high-end brand under Chinese electric vehicle (EV) maker Dear CC. Its major product is an electric sport-utility vehicle priced at RMB200,000-400,000. It is expected to hit the market in the first half of 2019. Enovate will use the new capital to improve sales channels, recruit additional talent, and accelerate construction of its production base.
China is one of the largest markets globally for EVs and hybrid cars with several well-funded start-ups including Xpeng Motors, CHJ Automotive, WM Motor Technology, US-listed Nio, and Skio Matrix.
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