Chinese EV manufacturer Bordrin Motor raises $362m

Additional commitments came from Prosperity Investment, a government guidance fund-of-funds, local power tools manufacturer Positec, Sumitomo Corporation, and Yuanxing Investment, a state-owned investment vehicle in Huaian, Jiangsu province.

Established in 2016 by Ximing Huang, previously a senior engineer at Ford, Bordrin has a 1,000-strong team and claims to be able to produce complete EVs as well as components such as batteries and control units. It is also developing autonomous driving technology, according to a statement. The company has R&D centers in Detroit, Nanjing, Shanghai, Beijing, and Huaian.

There are two major EV products: electric crossover SUV iV6 (pictured) and the luxury SUV iV7. Presales of the iV6 began in April with prices ranging from RMB250,000 to RMB350,000. The vehicle will enter mass production this year with a view to commencing deliveries in early 2020.

Bordrin is in the process of setting up a joint venture with traditional automaker Tianjin FAW. FAW's capital contribution will be in the form of assets including land use rights, plants, and related facilities. Bordrin will contribute cash.

China is one of the largest markets globally for EVs and hybrid cars, with EV sales said to be growing 60% a year. There are several well-funded start-ups in the space, including Enovate, Xpeng Motors, CHJ Automotive, WM Motor Technology, US-listed Nio, and Skio Matrix.

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• Topics
• Greater China
• Early-stage
• Technology
• automobiles
• Sumitomo Corporation
• China