China’s electric vehicle startup Enovate Motors closes $298m Series A

Photo: Enovate Motors.

Chinese electric vehicle startup Enovate Motors has raised RMB 2 billion ($298 million) in a Series A round of financing from large public companies and government funds, according to an announcement.

With the latest investment, Enovate has so far raised over RMB 6.5 billion ($760 million) in funding since it was founded in mid-2018.

Enovate began construction on its first 5.1 billion yuan electric car factory in March 2019 to produce its first electric SUV model ME7. The company will start taking orders for the SUV at Auto Shanghai this month.

With the new vehicle, Enovate will compete with other Chinese electric vehicle makers such as Shaanxi-based BYD Auto which is backed by Berkshire Hathaway and Samsung.

Enovate’s four-wheel-drive ME7 model vehicle will be able to complete a maximum range of 700 kilometres without charging and can accelerate from 0 to 100 km/h in 4.9 seconds. Its other features include intelligent connectivity functions, 22 sensors for advanced driving assistance and facial recognition technology.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.