On June 15, smart new energy logistics vehicle manufacturer Zhidian Automobile announced that it had completed a CNY 1 billion (USD 0.16 billion) Series A funding, led by Henglu Capital, followed by Zhuzhou State Investment Group and Power Valley Industry Investment Development Group.
The commercial vehicle operator said that the funds raised in this round will be used for platform construction, product research and development, delivery quality control and liquidity replenishment.
To date, the Chinese auto firm has completed two rounds of funding. It previously received CNY 100 million (USD 15.62 million) angel round in October 2020 backed by Star Capital.
Founded in July 2018, the auto manufacturer is a new energy commercial vehicle operator that provides vehicle design and development, parts manufacturing and related ecological services. The company has four product lines, including trucks and pickup trucks.
Ma Jianfeng (马剑锋), CEO of Zhidian, stated that the company plans to roll off its all-new vans by the end of June and to deliver the full initial order by November this year. The price of the product is of great market competitiveness, with expected sales of CNY 300 million (USD 46.85 million) in the first year. In addition, the light truck product line is expected to sell 10,000-20,000 units per year, which will amount to taking 2% of the market share.
It is worth mentioning that the company also disclosed that the hydrogen fuel cell light truck logistics vehicle developed by the company, in conjunction with the hydrogen fuel cell enterprise named NOWOGEN, will be released at the end of 2021.