Chinese EV startup Enovate to raise nearly $110m funding: report

Chinese EV startup Enovate to raise nearly $110m funding: report

Photo: Enovate Motors.

Chinese electric vehicle (EV) firm Enovate Motors is nearing the completion of a new funding round of 750 million yuan ($108.7 million), even as private financing dries up in the country’s highly-competitive EV industry.

Enovate, previously a subsidiary of Chinese video-streaming firm Leshi Internet and Technology, is set to soon close this big-ticket transaction, Auto-Time reported on Thursday, citing multiple people with knowledge of the matter. Auto-Time is an automobile-focused online media platform affiliated with China’s local media outlet 36Kr.

Edited by: Pramod Mathew

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