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DearCC closes RMB 2 bln pre-A round funding

Lydia From Gasgoo| July 24 , 2018

China auto news, China EV market news, DearCC pre-A funding round, DearCC high-end vehicle brand

Shanghai (Gasgoo)- DearCC, China's EV startup, announced that it has closed RMB 2 billion pre-A funding round in the first half of 2018, and started to raise Series A funding round. It is said that the pre-A funding round was led by guidance funds of auto industry, professional investment institutions and the capital from the upstream and downstream of auto industry. However, the specified leading investors were still disclosed yet. The pre-A funding round was raised mainly for new product R&D, construction of manufacturing bases, as well as introduction of high-end brands and talents in science and technology.

What's more, DearCC will release an all-new high-end brand on July 31, which will target high-end intelligent connected vehicles. It is said that the first B-class pure electric SUV model under this brand will be unveiled in the second half of this year and is very likely to hit the market in the first half of next year.

China auto news, China EV market news, DearCC pre-A funding round, DearCC high-end vehicle brand

Currently, the all-new high-end brand has five optional English names, namely Expecta, Ainsight, Telent, Explor, and Azure. Particularly, Expecta is a highly-expected English name that will be released at the end of this month.

Founded in 2015, DearCC, an EV startup headquartered in Shaoxing, Zhejiang Province, launched its first self-developed NEV model, the DearCC EV10 in November, 2017 at Auto Guangzhou 2017. Positioned as A0 class model, the EV10 is priced between RMB 59,800 and RMB 67,800. As of now, the model's cumulative sales have topped 2,000 units. Notably, 70% sales of the model are attributed to private consumers, demonstrating a significant meaning that DearCC has realized the true mass delivery among EV startups in China.

Till the end of June, DearCC has set up brand experience spaces in key cities, including Beijing, Shanghai, Shaoxing and Changsha. Currently, DearCC owns 60 dealers with offline dealership network covering 15 provinces and over 30 major cities.

Moreover, in the second half of 2018, DearCC will launch an upgraded version of the DearCC EV10, dubbed the Pro 300, which will have a maximum range of 320km. It is known that the EV10 Pro 300 had started presale in Shanghai on July 7.

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