Chinese commercial vehicle developer Zhizi Automobile raises 380 million yuan in new funding round

Shanghai (Gasgoo)- Zhizi Automobile Technology Co., Ltd. ("Zhizi Automobile"), a commercial vehicle technology company under Shaanxi Automobile Group, recently closed its latest round of Series A funding, accumulating a total of 380 million yuan, according to a post on the WeChat account of CASSTAR, one of the company's existing shareholders.

This funding round garnered support from prominent investors such as Xi'an Investment Holding Co, Ltd., Yulin City Investment, Virtue Capital, Shaanxi Automobile Fund, and Chengye Investment, while existing shareholder CASSTAR also joining the round. The funds raised will be predominantly allocated to R&D initiatives, product innovation, and extensive market outreach.

Battery swappable tractor; photo credit: Zhizi Automobile

Since its establishment in April 2022, Zhizi Automobile has attracted investments from notable entities like Chengtong Mixed Ownership Reform Fund, Cross-strait Tsinghua Research Institute, and Hong Kong Jary Group. The cumulative financing for the company has now surpassed 600 million yuan.

Zhizi Automobile said its mission is to accelerate the transformation of scientific and technological achievements. The company focuses on R&D, innovation, and sales operations of commercial vehicles that are "intelligent, electrified, networked, and lightweight". Tailoring its efforts to meet specific scenario requirements, it creates a series of vehicle models that intertwine two major technological routes: hydrogen-powered and pure electric. This approach ensures a diverse product lineup covering various fields, including short-distance transport, long-haul logistics, municipal sanitation, construction sites, and port transportation.