Gasgoo Munich- Data from Tianyancha shows that DEEPAL Automotive Technology Co., Ltd.—the EV unit of Changan Automobile—has recently completed a business registration update. Its registered capital climbed to roughly 470 million yuan from 330 million yuan, marking a 42% increase.
That capital expansion came with a synchronous adjustment to the equity structure, adding two new shareholders: Chongqing Yufu Holding Group and CMB Financial Asset Investment.
On the surface, this looks like a routine administrative update. In reality, it marks the finalization of a previous funding round for DEEPAL.
A Signal the C-Round Has Closed
The rise in registered capital and the arrival of new investors are essentially the administrative completion of DEEPAL's Series C capital increase initiated late last year.
In November 2025, DEEPAL officially listed a new capital increase plan on the Chongqing Property Exchange, aiming to bring in strategic investors through a public offering. The process was compliant and transparent, locking in investors in just a month.
By December 2025, Changan Automobile had disclosed the progress, confirming the round raised 6.122 billion yuan in total, with 138 million yuan added to registered capital. Those figures align with the recent registration changes.
Image Source: Tianyancha App
According to filings and registration data, three parties contributed to this capital injection. Changan Automobile injected 3.122 billion yuan using a mix of cash and intangible assets; Chongqing Yufu Holding Group contributed 2.5 billion yuan in cash; and CMB Financial Asset Investment added 500 million yuan in cash. The latter two are the new entrants, while existing shareholder Nanjing Runke Industrial Investment retained its stake, keeping the structure stable.
Image Source: DEEPAL
Both new investors bring significant financial muscle. Chongqing Yufu is a state-owned capital investment platform fully controlled by the Chongqing SASAC, with years of experience in local industrial investment. Its entry represents strategic support from local state assets for a key homegrown NEV player, and it will help DEEPAL with local supply chain coordination and access to policy resources.
CMB Financial Asset Investment is a wholly-owned subsidiary of China Merchants Bank, specializing in market-oriented debt-to-equity swaps and industrial financial services. Its 500 million yuan injection does more than optimize DEEPAL's capital structure; it provides professional backing for treasury management and supply chain financing.
Regarding ownership, Changan Automobile remains the controlling shareholder with roughly a 51% stake. Chongqing Yufu becomes the second-largest shareholder with about 12%, while CMB Financial Asset Investment holds around 2.4%. This structure safeguards the controlling shareholder's lead while diversifying the investor base, avoiding reliance on a single source of capital.
Financing Fuels Growth
As competition in the NEV sector heats up, DEEPAL's decision to raise significant capital and bring in strategic investors is a rational move based on its current stage and the broader landscape. The goal is clear: break through funding bottlenecks, sharpen core technological competitiveness, and drive scale and globalization—shifting from reliance on the parent company to financial self-sufficiency.
The NEV industry is now driven by a dual engine of technology and capital. Developing electric platforms, cracking autonomous driving, expanding the product lineup, and building sales channels all require massive investment. Given the capital-intensive, high-R&D nature of the business, automakers must replenish cash flow through strategic financial maneuvers to survive the fierce competition.
As the core vehicle for Changan's NEV strategy, DEEPAL sold over 330,000 units in 2025, securing its place in the first tier of domestic new-energy brands.
But rapid growth brings mounting financial pressure from R&D and capacity expansion, compounded by an intensifying price war. The company urgently needed ample funding to support its next steps. This round fills that gap, helping DEEPAL navigate a critical period of development.
Changan specified that the 6.1 billion yuan raised will be funneled entirely into core operations, with a focus on three areas. First, accelerating new model development and expanding the product lineup. DEEPAL's second-generation products are already in development, slated for market launch in 2026, with a target of 30 models by 2030.
Second, tackling core technologies in intelligence and electrification. DEEPAL has already secured approval as one of the first batch of companies for L3 autonomous driving market access. Proceeds will continue to flow into R&D to narrow the technological gap with industry leaders.
Third, advancing brand globalization and channel construction. The company will accelerate overseas market research and network building, driving DEEPAL's transition from a domestic player to a global brand.
Image Source: DEEPAL
Bringing in new shareholders also optimizes corporate governance and integrates industrial resources. Backing from local state assets will help DEEPAL deepen supply chain coordination and reduce costs. Meanwhile, top-tier financial capital brings professional expertise to refine the company's capital management system, laying the groundwork for future market-oriented operations.
At the same time, a diversified shareholder structure acts as a check to improve operational efficiency, pushing DEEPAL to transform into an entity with independent operations and market competitiveness.
The closing of DEEPAL's funding round is a microcosm of the widening divide in the NEV sector. The industry has moved past its wild growth phase into a final stage of survival of the fittest. Smaller players lacking capital, technology, or brand strength are gradually exiting, while competitive leaders are accelerating their expansion through financial maneuvers.
Leveraging Changan's industrial heritage and its own solid product reputation, DEEPAL successfully attracted state and financial capital. This move not only reflects the market's confidence in its potential but also secures a financial advantage as the company vies for dominance during a critical 2-to-3-year window.
