Chehejia Information Technology, the China-based electric vehicle (EV) developer also known as CHJ Automotive, has closed a RMB3bn ($475m) series B round featuring department store chain Intime Retail, 36Kr has reported.
Shougang Fund, an investment platform backed by steel producer Shougang, co-led the round with Matrix Partners China through an unnamed energy vehicle, while Source Code Capital, BlueRun Ventures, Minshi Hexun Capital and Fancheng Capital also took part.
Founded in 2015, Chehejia is developing electric cars that it plans to use for on-demand rental and ride-sharing services. It is also working on a seven-seat luxury sports utility vehicle it aims to mass produce by 2019.
The company has formed a strategic partnership with ride hailing platform Didi Chuxing to work on intelligent networks, autonomous driving and smart car fleet management.
Chehejia has raised approximately RMB5.8bn to date, according to a statement by Matrix Partners China, including $120m in a series A round in 2016 led by pump and gardening equipment maker Leo Group and backed by Source Code Capital, Plum Ventures and a Changzhou Province government fund.
Reports in December 2017 stated that insurance firms China Taiping and Ping An had contributed to a $151m series B round for Chehejia but these have not been confirmed.