Vehicle supply chain

Auto parts trading platform raises $60m funding

Despite the decrease of car sales in China, upstream auto parts retailer Haoqipei is betting that customers want upgrades rather than new models.

Haoqipei, a Chinese auto parts trading platform, said on Thursday night that it had completed its $60 million Series D funding.

Access Technology Ventures led the round, along with existing investors DCM Ventures, Susquehanna International Group, XVC and Jeneration Capital.

Proceeds will be used to enhance the company's self-owned storage and logistics services. Access Technology Ventures’s general partner Zhiwei Yang will now join Haoqipei’s board of directors.

“Haoqipei will also use the money to prepare for overseas expansion,” said its chief executive Chen Xi. “The company will speed up to cover more areas in China.”

Car sales in China have...

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