China EV maker Eezi raises $78m
Shenzhen-based electronic vehicle (EV) manufacturer Eezi has raised a CNY 500m (USD 78m) pre-A round led by China Merchants Venture.
Other investors include Shenzhen Nanshan District’s Strategic Emerging Industry Investment, Guiyang Property Control Capital, and A-share listed gaming company Shenzhen Bingchuan.
The proceeds will be used to accelerate large-scale mass production and delivery of the company's first EV model, as well as the R&D into related core technologies such as artificial intelligence and customization.
Eezi - also known as Qingcheng Shidai - was established last year by alumni from Tencent Holdings, Huawei Technologies, Vivo and China's "new force" EV makers such as Nio, Xpeng, Li Auto, and WM Motor Technology. The company is based in Shenzhen and has R&D centres in Guangzhou and Beijing focused on whole vehicle research and the internet-of-things, respectively.
Eezi expects to start accepting reservations for its new EV in May with mass production to begin in August. It will rely on in-house technology for a competitive advantage, prioritising software and hardware integration.
The model is equipped with L2 level autonomous driving capabilities, which means the vehicle is in control but can be overridden by a human sitting in the driver's seat at any time. L2 is often used interchangeably with advanced driver assistance systems (ADAS), where the vehicle changes lanes, overtakes, or parks automatically. Future Eezi models will go beyond L2.
Eezi also connects with existing smart home, personal office, and entertainment devices. Users can switch seamlessly between tablet devices and the car operating system.
China's domestic EV market is crowded. Competition in the top tier between Xpeng, Nio and Li Auto is replicated in the second tier by WM Motor, Hozon Auto and Leap Motor. All have raised substantial private funding, while Xpeng, Nio, and Li Auto are now listed.
Meanwhile, in the past two years, technology giants such as Xiaomi and Baidu have also entered the EV manufacturing space.
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