(Yicai Global) March 22 -- Chinese electric vehicle start-up Beijing CHJ Automotive Technology Co. has raised CNY3 billion (USD474.5 million) in its series B financing, and partnered with Beijing Xiaoju Technology Co., developer of the internet-based ride-hailing platform Didi Chuxing, to provide electric cars customized for Didi's car-sharing service, online news outlet 36Kr reported today.
New Energy Fund, set up by Matrix Partners China, and Beijing Shougang Fund Co. led the round, with several other institutions participating, including earlier investor China Yintai Holdings Co. CHJ Automotive has raised a total of CNY5.8 billion in funding to date.
CHJ Automotive formed in July 2015. Its first engineering prototype, a seven-seat luxury SUV, will debut in April. Pre-sales will start in the second half and the company will officially deliver the SUV next year priced at CNY250,000 to CNY400,000.
CHJ Automotive founder Li Xiang is also a co-founder of Shanghai NIO Automobiles Co., a smart electric vehicle unicorn that has started mass production. He also formed China's first specialized auto information platform Autohome Inc. in 2005.
As China's leading ride-hailing platform, Didi Chuxing is actively seeking partners in the automotive field. It has partnered with 12 Chinese manufacturers including Xi'an, Shaanxi province-based BYD Auto Co., and will run its own 1 million EV fleet by 2020, its founder Cheng Wei said in September.