EV startup Sitech cooperates with Bosch in AVP, ends over $ 100 million A round financing

Shanghai (Gasgoo)- Sitech, a Guizhou-based electric vehicle maker, officially formed partnership with the world-leading auto parts provider Bosch on May25. In the future, both parties will jointly develop projects like AVP (automated valet parking) and apply such technologies into the EV maker's vehicles. 

According to Gasgoo, the cooperation between Sitech and Bosch mainly includes three aspects. The first is to jointly develop and upgrade the Sitech DEV1, the startup's first EV model, which will carry AVP technology in the future. The second is to proceed with the AVP pilot operation in Guian New Area and Guiyang, Guizhou Province. In addition, two companies will jointly promote the programs of smart city and smart transportation.

Besides, the EV startpup announced the completion of a Series-A round financing on the same day, which was led by CDH Investments, raising a total capital of over hundreds of million dollars.

Founded on September 1, 2017, Sitech is a state-owned company owning assets up to RMB 270 billion. On January 6, 2018, the EV maker signed a framework agreement with FAW Car to co-develop EVs based on FAW Car's qualification of electric passenger vehicle production.

Before the Auto China 2018 kicked off in Beijing, Sitech unveiled its firs EV model the DEV1, with prices below RMB 100 thousand and a range of around 320km. Reportedly, the Sitech DEV1 will officially go on sale in the Chengdu Motor Show in September this year. The company is set to deliver its first order of 4,000 DEV1s by the end of 2018 and aims to achieve a maximum delivery of 90,000 units next year.

Sitech's prototype shop in Guian New Area has currently been put into operation and is mainly used to conduct vehicle tests. Reportedly, the company's new intelligent factory will be fully operational in 2019 with an expected production capacity of 200,000 vehicles per year.