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.