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A Chinese startup specializing in new energy heavy-duty trucks has completed a $200 million Series B funding round, bringing its total fundraising over the past two months to $400 million amidst rising competition in the rapidly expanding electric commercial vehicle market.
This latest investment round saw participation from key industrial investors, including Zijin Mining Group, Yankuang Capital Management (affiliated with Shandong Energy Group), and Sanhua Holding Group. Additionally, investment firms such as Singapore’s sovereign wealth fund and a prominent Asian venture debt company joined the round, according to the company based in Taicang.
The involvement of industry-focused investors is expected to bolster the company’s growth in sectors like mine transportation, industrial logistics, and bulk commodity haulage. Meanwhile, international backers will help enhance its global expansion efforts.
Founded in 2022 by Huang Zehua and Zhang Hongsong—former employees of autonomous driving tech firm TuSimple and heavy-duty truck manufacturer Sany Truck, respectively—the company has introduced two mass-produced electric truck models, Jingzhe and Xiaoman. In the first four months of this year, sales have quintupled compared to the same period last year.
The company continues to optimize operational efficiency amid rapid sales growth and reported positive cash flow from operations for the first time in the final quarter of the previous year.
In March, it announced the successful closing of a 1.2 billion yuan ($176.8 million) financing round. Leading investors included CATL Capital, a subsidiary of battery giant Contemporary Amperex Technology, autonomous driving chip developer Momenta, and Nio Capital—affiliated with electric vehicle pioneer Nio.
Looking ahead, the company plans to press forward with large-scale deliveries, advance autonomous driving research and development, and expand its industrial application scenarios. It also aims to accelerate the commercialization of new energy heavy-duty trucks and autonomous vehicle technologies.
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