Chinese electric vehicle maker Bordrin Motor raised RMB2.5 billion ($361.85 million) in a new round of financing, led by Yin An Capital, an investment vehicle of state-owned Sinochem International Corporation, according to an announcement.
The funding round also saw the participation of the company’s existing investors including Chinese private equity firm CGP Investment and Japanese general trading firm Sumitomo Corporation Equity Asia Limited (SCEA), besides a slew of investment companies.
Established in 2016, Bordrin Motor, also known as Nanjing Bordrin New Energy Vehicle Corporation, is a smart electric vehicle developer, providing multi-dimensional smart travel, mobile energy, and shared economic solutions. The company aims to provide safe, reliable, long-range, and high-performing vehicles to its customers in a bid to ensure a satisfying experience.
Bordrin Motor, which has research centres and production entities in cities such as Detroit, Shanghai, Beijing, and Tianjin, plans to use the funding for product development and marketing, it said in a statement.
Going forward, by the end of this calendar year, the company plans to produce its first EV model, iV6, in Tianjin and wants to start shipping them to buyers by early next year.
Bordrin Motor recently entered into a joint venture agreement with Tianjin FAW XIALI Automobile to produce and sell new energy vehicles.
Founded in 1998 in Shanghai, Sinochem International Corporation is the first listed company subordinated to Sinochem Corporation, which deals with logistics, industrial investment, trade, in areas of chemicals logistics, rubber, chemical products, petrol chemical products, metallurgy and energy.
It caters to customers across the world in over 100 countries and regions.
Yin An Capital is an investment vehicle of Sinochem International Corporation. The funding will help the firm strengthen its presence in the battery industry, according to the statement.