<article>Chinese electric vehicle startup <a href="https://www.dealstreetasia.com/?s=Singulato%20Motors">Singulato Motors</a> is raising Rmb3 billion ($474 million) in a Series C round that the company expects to close in May, according to a <a href="https://www.chinamoneynetwork.com/2018/04/26/chinese-electric-vehicle-start-up-singulato-motors-gets-474m">CMN report</a>.</article>

Chinese electric vehicle startup <a href="https://www.dealstreetasia.com/?s=Singulato%20Motors">Singulato Motors</a> is raising Rmb3 billion ($474 million) in a Series C round that the company expects to close in May, according to a <a href="https://www.chinamoneynetwork.com/2018/04/26/chinese-electric-vehicle-start-up-singulato-motors-gets-474m">CMN report</a>.
Details about the specific investors in the round were not immediately disclosed but Singulato CEO Shen Haiyin reportedly told reporters at the Beijing Auto Show on Wednesday that all relevant documents have already been signed.
The $474-million Series C round followed a Series B in 2016 that raised $600 million, backed by investors <a href="https://www.dealstreetasia.com/?s=Qihoo%20360">Qihoo 360</a>, TaoYun Beijing Investment Fund, and GX Capital.
Established in December 2014, Singulato manufactures new energy vehicles and covers intelligent vehicle systems and cloud car networking services. Aside from China, the company also has research and development facilities in Japan and the United States.
Early this month, the NEV maker announced plans to invest Rmb15 billion (about $2.39 billion) for a global R&amp;D, production, and industrial operations in the manufacturing hub of east China&#8217;s Suzhou over the next five years.
The investment, which will be in partnership with the Suzhou city government, includes the setting up of a global R&amp;D center in the city, which will employ up to 3,000 researchers, and a production base for its high-quality compact vehicles.
Singulato and the Suzhou city government are also set to nurture more industry startups by establishing a Rmb10-billion ($1.6 billion) investment fund. The fund will invest in NEV-related industries including artificial intelligence, cloud computing, big data and intelligent hardware.
In 2015, China overtook the US as the world&#8217;s biggest market for NEVs as the Chinese government mapped out plans to boost annual sales of plug-in hybrids and fully electric cars by 10-fold in the next decade, according to a Bloomberg report in January.
About a 777,000 NEVs were sold in China last year, Xinhua reported.
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Chinese electric vehicle startup Singulato Motors is raising Rmb3 billion ($474 million) in a Series C round that the company expects to close in May.

Chinese electric vehicle startup Singulato raising $474m in Series C: Report

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Chinese electric vehicle startup Singulato raising $474m in Series C: Report

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