Energy provider Shanghai Electric and rolling stock producer CRRC Corporation have co-led a RMB2bn ($288m) series A round for China-based electric vehicle (EV) developer Leap Motor, China Money Network reported today.
Asset management firm Gopher Asset, securities brokerage Industrial Securities and venture capital firm Sequoia Capital China also contributed to the round, which valued the company at approximately $1.15bn.
Leap Motor is working on a smart EV that will incorporate features such as an intelligent driving system, facial recognition-based security measures and a cloud-based in-car wifi network.
The company unveiled a prototype of a sports car called the S01 (pictured) in November 2017, at which point it said it plans to begin mass production in August this year. A commercial launch is planned for January 2019 and it plans to sell its vehicles through partnerships with local stakeholders.
The funding was provided as part of an ongoing series A round the company plans to close at RMB2.5bn, according to China Money Network, which stated that it follows a $57.6m pre-series A round led by Sequoia China in December 2017.
Leap is competing with several other China-based, corporate-backed smart EV developers, including Nio, WM Motor and Xiaopeng Motors.
Image courtesy of Leap Motor.
