Recently, auto maker Letin closed A round of financing worth CNY 3.2 billion, which will be used for product R&D, marketing investment, capacity building and market expansion.
On November 21, auto maker Letin (Chinese: 雷丁汽车) announced its completion of A-round financing amounting to CNY 3.2 billion (USD 450 million), which was led by Weicheng West Investment Group (Chinese: 潍城西部投资发展集团) from Weifang city, followed by some SOE capital and private capital in Shandong province. It is reported that the fund will be used for product R&D, marketing investment, capacity building and market expansion.
Letin, founded in 2008 and based in Shandong, is China’s electric vehicle brand focusing on the research and development, manufacturing and sales of electric vehicles and parts.
In 2018, Letin acquired the qualification to produce commercial new energy vehicles (NEV) and private NEV via M&A.
In 2020, Letin entered a new stage of the brand and began to produce K-Car in China, which refers to light electric vehicles, targeting the demand for short- and medium-haul vehicles for urban residents.
However, Letin has been affected dramatically by the epidemic and chip shortage this year. With this financing round, Letin will increase investment in product research, promote the intelligence level of the product and expand the market abroad in the future.