China-based electric car developer Bordrin Motor collected RMB2.5bn ($362m) in funding yesterday from a consortium led by Silver Saddle Equity Investment Management, an investment arm of chemicals, oil and fertiliser conglomerate Sinochem International.
The round included power tools manufacturer Positec and Sumitomo Corporation Equity Asia, a corporate venturing division of diversified conglomerate Sumitomo.
Prosperity Investment, Pukou High Investment, Yuanxing Investment, China Science & Merchants Investment Management and other, unnamed investors also contributed to the round.
Founded in 2016, Bordrin Motor is developing smart electric vehicles and has unveiled two models to date: a five-seat sports utility vehicle called iV6 (pictured) that is set for commercial release in early 2020, and a larger SUV model dubbed iV7. The funding will go to product development and marketing activities.
Bordrin previously completed five funding rounds of undisclosed size, raising cash from investors including Sumitomo Corporation Equity Asia, China Science & Merchants Investment Management and Prosperity Investment, according to China Money Network.
– Image courtesy of Bordrin Motor.
