Youxia Motor closes $ 350 million B+ funding round

Shanghai (Gasgoo)- On Aug. 22, Youxia Motors announced the completion of $350 million series B+ funding round, which was totally invested by Gezhi Capital. In the meantime, Gezhi Capital also became the second largest shareholder of Youxia Motors. As of now, Youxia Motors has finished series A, B and B+ funding rounds with total funding exceeding $1.25 million, enabling its market value to reach $3.35 billion.

After the funding round, Youxia Motors also ushered in a significant partner, Qin Yifei, CEO of Gezhi Capital, as its global co-chairman and co-founder. In the future, he will take the full charge of the business of financing and funding for Youxia as well as the deployment of its global industrial investment and M&A. Moreover, he will also responsible for the deployment of Youxia's global battery charging networks, as well as the enhancement and consolidation of whole industrial chain in supply chain finance. At the same time, he will also help accelerate the completion of C series funding round at the beginning of next year and comprehensively assist Youxia in its future IPO plan.

Youxia's first super factory with an annual production capacity of 200,000 units is expected to complete construction in May next year. At that time, the mass production of Youxia's first model, the Youxia X will also start. The preorder registration has exceeded 11,000 units. The first batch of sales network also will be opened in 10 first-tier cities. In the wake of the kickoff of its European R&D center, Youxia plans to introduce its highest-performance mass-produced model in the World Endurance Championship (WEC).