Chehejia, a Chinese-based electric car manufacturer, recently fund raised $530 million that was led primarily by Meituan Founder and CEO, Wang Xing. With the new funds, Chehejia will move more towards higher production targets and begin delivering their SUV sometime this year.
Why it matters: Also known as CHJ and Leading Ideal, Chehejia has emerged as another potential homegrown rival to Tesla in China and poses a serious threat to Nio’s position in the crowded Chinese EV market.
Details: Wang Xing invested $300 million this round.
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