China's latest electric car upstart outpaces Tesla in early fundraising

Dearcc secures $294 million in funding after selling just 1,000 cars. It shows the opening of China's market to foreign competition isn't scaring investors off this red-hot sector.

Look away for a moment and China's electric car industry is likely to have sped past you.

The breakneck pace of development in the industry took another hairpin turn in late June when regulators removed electric vehicles from the list of industries out of bounds to overseas investors. That allows the likes of Tesla which this month revealed plans for a wholly-owned factory in Shanghai to enter the industry without finding a local partner.

That's a sign of Beijing's confidence in local players and comes on top of a change in subsidy rules last month to favour companies with oustanding technology.

To underline...

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