Chehejia Accomplishes RMB 620m Financing to Raise funds for SUV Production Base

Shanghai, September 8, Gasgoo - Chehejia raises a total fund of RMB 620m during its A3-round financing from investors including Leo Group and others. Public data shows that Chehejia was established in 2015, aiming to be an urban intelligent transportation service provider. It accomplished its A-round financing of RMB 780 in May, 2016. The first Chehejia auto manufacturing base was constructed in Changzhou, Jiangsu Province in August of 2016 with the first period of investment of RMB 2b and an annual capacity of 200,000 units. It established a specialized industrial fund of RMB 4b in February, 2017. In the meantime, the second base was located in Changzhou with a total investment of 3b and an annual capacity of 100,000 units.

It's revealed publicly that Chehejia’s first SEV model was on trial, said by Li Xiang on August 20th of this year. The SEV model rolled off the production line in the first base on August 21th, 2017. The second base also laid foundation on the same day to prepare for the oncoming mass production.

It's said that Chehejia plans to invest RMB 3b to its second base project with planned capacity of 100,000 units, mainly used to produce BEV and electric SUV models. It’s expected that the project will be constructed in 2018. The A3-round financing is planned to raise fund for the R&D of SUV models and its second production base.

Besides, Chehejia signed a strategic agreement with Brilliance Auto on September 1st. The two sides will conduct in-depth cooperation in R&D, supply chain and manufacturing of electric vehicles.