Startup Dearcc’s Enovate starts construction of NEV base with RMB5.1 bln invested

Shanghai (Gasgoo)- Enovate, the premium car brand founded by Chinese EV startup Dearcc, officially commenced the construction of its new energy vehicle (NEV) on March 20, according to local media outlets.

Covering an area of 500mu (around 333,333 square meters) and involving a total investment of RMB5.1 billion, the new NEV plant will be equipped with welding, painting, assembly workshops and necessary production auxiliary facilities. It will have an annual capacity of 60,000 NEVs with a predicted output of over RMB13 billion after being put into operation.   

Enovate, formally launched by Dearcc in last November, has already showed off its first mass-produced model dubbed ME7, an all-electric mid-sized SUV. The startup will start to accept the ME7's orders at Shanghai Auto 2019 next month and plans to deliver the vehicles in the second half of the year.

In the next five years, the EV brand will reportedly roll out 8 all-new models, including 2 sedans, 5 SUVs and 1 MPV model and is ambitious to reach a total sales volume of 360,000 vehicles by 2025.

Dearcc has changed its company name to "Enovate Automobile Technology Group Co.,Ltd" from "Zhejiang Dearcc Automobile Technology Co.,Ltd" on March 11, according to the record from China's National Enterprise Credit Information Public System.