Sequoia-backed Chinese EV startup Leap Motor seeks to raise $372m in new round

Source: Leapmotor

Electric vehicle start-up Leap Motor, co-founded by surveillance equipment maker Dahua Technology, is seeking to raise 2.5 billion yuan ($372 million) in its latest funding round to finance growth, three people with knowledge of the matter said.

The Chinese company, backed by state-owned Shanghai Electric Group Corp and venture firm Sequoia Capital China, is targeting a valuation of about 10-11 billion yuan ($1.49-1.64 billion) prior to the funding round, said two of the people.

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