The Shanghai Electric and CRRC-backed EV manufacturer has increased its valuation to more than $1bn with a $51.5m investment from Jinhua Zhongche Fund.
Leapmotor, a China-based electric vehicle developer backed by corporates Shanghai Electric and CRRC Corporation, has raised RMB360m ($51.5m) in series A2 funding, China Money Network reported on Monday.
Investment firm Jinhua Zhongche Fund purchased a 5.1% stake in Leapmotor with the capital. The deal valued the company at more than $1bn according to a stock exchange filing.
The stake held by video surveillance technology provider Dahua Technology, which co-founded the business in 2015, has been reduced from 16.3% to 15.5%.
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