Shanghai-based electric vehicle (EV) company Enovate Motors announced on October 14, 2020 that it has raised RMB5 billion ($742 million approximately in current exchange rates) in its latest funding round.
The Chinese car maker did not disclose the investors but state that the round was led by China’s local government industry guidance funds and large state-owned banks.
According to the status fresh funds will be invested for research and development of new models, intelligent manufacturing, sales channel and service system construction, as well as marketing and promotional campaigns.
Enovate Founder, Chairman, and CEO Dr. Zhang Hailiang noted in the statement, “With the completion of the new round of financing, Enovate Motor’s subsequent new model developments, retail space construction, service system improvement and brand marketing and promotion will accelerate.”
Founded in 2015, Enovate which aims to bring intelligent green mobility to the transport sector has already achieved unicorn status. The statement also communicated the startup will begin work towards its pre-IPO round of financing.