CHJ raises RMB 3 billion in Series B round, to build JV with Didi

Shanghai (Gasgoo)- Chinese startup CHJ Automotive (CHJ) announced today that the company has completed a RMB 3 billion Series B round that was led by Matrix Partners China and a new energy fund under Shougang Fund. Its existing shareholders, Yintai Group, Source Code Capital, BlueRun Ventures, FutureCap, etc. also invested in this round. Including the capital raised in the former angel round and Series A round financing, CHJ has obtained a cumulative investment up to RMB 5.755 billion since it was established in 2015.

Besides, the startup also announced to form a strategic partnership with Didi Chuxing, a Chinese ride-hailing giant, to develop cooperation in intelligent electric vehicle building, intelligent fleet operation and services as well as autonomous driving technology's large-scale applications. 

Currently, CHJ has built a R&D and supply chain team of nearly 1,000 staffs to promote its products' R&D and mass production. With over 300 staffs, the R&D team of intelligent products is devoted to researching and developing intelligent system, intelligent services and autonomous driving system. Up to now, the autonomous driving assistance system developed by CHJ has already completed road tests with a total range of 300 thousand kilometers.

CHJ and Didi's cooperation is based on their mutual strategic target in travelling area. According to the cooperation agreement, both parties will build a joint venture and co-organize a R&D team to develop all-new mobility products and services. Especially, the electric model designed for sharing travelling services will adopt all-new design languages and unique cockpit layout to make itself more applicable to sharing travelling services. 

According to local media, the first batch of engineering prototypes of the startup's 7-seat luxury SUV will be off the production line in April this year. This SUV model is positioned as a mid-to-high family vehicle with price ranging from RMB 250,000 to RMB 400,000. The model is planned to be launched in the second half of this year and be mass-produced and delivered in 2019.