China-based electric vehicle developer Lixiang has completed a $530m series C round featuring a $30m investment by digital media company Bytedance, 36Kr reported today.
The round was led by Wang Xing, chief executive of local services provider Meituan Dianping, who invested almost $300m. Lixiang founder and CEO Li Xiang committed nearly $100m to the round, which reportedly valued it at approximately $2.9bn.
Formerly known as Chehejia and then CHJ Automotive, Lixiang is developing a hybrid electric sports utility vehicle known as Lixiang One, which is slated to begin commercial production in October this year.
The company has received almost 10,000 pre-orders for the vehicle, which is expected to begin shipping to customers in November, ahead of its previously planned February 2020 shipping date.
Lixiang raised $475m in a March 2018 series B round co-led by Shougang Fund, a vehicle for steel producer Shougang, which took its total funding to about $920m.
Matrix Partners China co-led the series B round, which included retail group InTime, Source Code Capital, BlueRun Ventures, Minshi Hexun Capital and Fancheng Capital.
Insurance groups China Taiping and Ping An were reportedly among the participants in a $151m round for the company in late 2017 that included asset management firm China Merchants Wealth.
Pump and gardening equipment maker Leo Group invested $54m to lead Lixiang’s $120m series A round the year before, participating together with Plum Ventures, Source Code Capital and a fund representing the province of Changzhou.
