Dearcc, an electric car manufacturer based out of China, recently announced it has just raised $294 million in a pre-A round of fundraising. This comes from an undisclosed investor, an industrial car fund, and other companies throughout the car supply chain.
The company said it has raised a total of $370 million and has started to raise series A round.
Founded in 2015, Dearcc has unveiled its model EV10, manufactured by South East Motor Co. Ltd. in 2017. The company is headed by CEO Zhang Hailiang, who is the former president of LeEco Car, the automobile unit of the failing conglomerate LeEco.
The proceeds of this round will be used for research and development, construction of production base, marketing, and talent acquisition.
Last year, Dearcc invested RMB5.5 billion in a factory in Zhejiang province in a partnership with the local government. The factory has the capability to produce 180,000 vehicles a year and it is expected to be completed in the next half of 2019.
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