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.
