Chinese smart car supplier PATEO raises $128m in new funding round

Chinese smart vehicle supplier Shanghai PATEO Electronic Equipment Manufacturing Co said on Wednesday that it has raised over 830 million yuan ($128.03 million) in a funding round led by state-owned automaker FAW.

Other investors include EV100, a powerful electric vehicle industry lobby group, and CCB Trust, PATEO said in a statement. With the new funding, PATEO raised 1.8 billion yuan in its B and B+ fundraising rounds.

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