Chinese automaker Geely unit Xiaolinggou closes $97m in Series A round

Chinese automaker Geely unit Xiaolinggou closes $97m in Series A round

A Xiaolinggou New Energy Vehicle (NEV). Source: Xiaolinggou

Xiaolinggou, a new energy vehicle (NEV) rental unit of Chinese automaker Geely, has closed nearly 688 million yuan ($97 million) in a Series A round of financing as the parent company ramps up efforts to adopt a new rental model amid continued decline in China’s NEV sales since late 2019.

The venture completed the initial funding round after China’s policy-driven passenger NEV market posted a sales decline of 60.3 per cent in the first quarter of 2020 from the same period in 2019, following an over 30 per cent drop in H2 2019 due to Beijing’s sharp subsidy cuts, according to the China Association of Automobile Manufacturers (CAAM).

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