BAIC BJEV, the electric vehicle subsidiary of China-based car manufacturer Beijing Automotive Group, has raised RMB11.1bn ($1.7bn) in series B funding, China Money Network reported today.
The round, which valued BJEV at about $4.2bn, featured 14 investors including asset management firm China Cinda Asset Management and Zhongji Investment, a firm co-founded by the government of the Chinese province of Hebei.
Economic development zone Beijing Economic and Technological Development Area participated in the funding by offering one of its industrial parks as a production facility for BJEV. The round’s remaining participants have not been named.
Founded in 2009, BJEV produces a range of electric vehicles and reportedly sold 30,000 cars in the first half of 2017. It is aiming to sell a total of 170,000 vehicles per year.
BJEV now has a total of 33 shareholders according to China Money Network. It reportedly secured RMB3bn in a 2016 series A round, though further details of that funding could not be confirmed.
– Image courtesy of BAIC BJEV