Chinese new energy vehicle (NEV) start-up Singulato Motors has raised RMB3 billion (US$474 million) in a Series C round fundraising, the company announced.
Shen Haiyin, CEO of Singulato said that the US$474 million financing will be completed in May, and all relevant legal documents have been signed. However, he didn’t disclose specific investors.
Meanwhile, Singulato said it has teamed up with BAIC BJEV, who is set to IPO later this year, to cooperate in technology development, charging and replacement facilities construction and distribution networks.
Founded in 2014, Singulato has R&D research and development facilities in China, the United States and Japan. In 2016, it raised US$600 million in series B round from TaoYun Beijing Investment Fund, GX Capital and Qihoo 360.
Last month, the NEV maker reportedly cooperated with eastern China’s Suzhou government to establish a RMB10 billion(US$1.6 billion) smart electric vehicle industry investment fund for investing in NEV-related industries including battery, electronic control, motors and design, engineering, materials, artificial intelligence, cloud computing, big data and intelligent hardware. It also reportedly plans to invest RMB15 billion(US$2.39 billion) in Suzhou over the next five years to build a global R&D center.
As the Chinese government continued to push strongly for green transport, the nation’s new energy vehicle market is expected to grow rapidly. In January, Alibaba-backed Xiaopeng Motors announced RMB2.2 billion(US$348 million) in Series B financing. Prior to this, WM Motors raised RMB1 billion(US$158 million) reportedly led by Baidu Capital.