Leapmotor, a China-based electric vehicle developer backed by corporates Shanghai Electric and CRRC Corporation, has raised RMB360m ($51.5m) in series A2 funding, China Money Network reported on Monday.
Investment firm Jinhua Zhongche Fund purchased a 5.1% stake in Leapmotor with the capital. The deal valued the company at more than $1bn according to a stock exchange filing.
The stake held by video surveillance technology provider Dahua Technology, which co-founded the business in 2015, has been reduced from 16.3% to 15.5%.
Leapmotor launched its first electric car, the Leap Motor S01, in November 2017, and is planning to unveil two new models next year. The capital will fund mass production of S01 in addition to research and development as the company explores additions to its range.
Leapmotor was, in March 2019, looking to raise RMB2.5bn in funding according to Reuters, which cited three people with knowledge of the matter.
Energy utility Shanghai Electric and rolling stock manufacturer CRRC Corporation took part in a $288m series A round for the company in November 2018, investing alongside Industrial Securities, Gopher Asset and Sequoia Capital China. The latter had led its $56.7m pre-series A round in late 2017.