Electric Vehicles

Shanghai Electric ups Chinese EV bet

Enovate used to be a low-end EV maker but has now secured fresh Series A funding for a full brand overhaul as competition in the market heats up.

Nothing yet seems to be able to stop Chinese investor enthusiasm for electric vehicle makers, not even subsidy cuts and not even for new players.

On Sunday, one such startup, Enovate, said it had secured more than Rmb2 billion $298 million in Series A funding led by Hong Kong-listed Shanghai Electric.

It is a comparatively large sum of money for a relatively little-known electric vehicle EV brand, and all the more remarkable given Enovate has yet to start full production.

Indeed, the proceeds of the fundraising are to be used to build the company almost from scratch from production facilities through to branding...

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