Deepal Secures $874M Series C Funding for EV Expansion
Changan Automobile's electric vehicle (EV) unit, Deepal, has completed its Series C funding round by raising RMB 6.122 billion ($874 million). The funds will support the company’s global expansion and intensify competition in the EV market.Key TakeawaysNew investors Yufu Holding Group and CMB Financial Asset Investment join Deepal's shareholder base.The funding round brings Deepal closer to its global sales target of 700,000 vehicles.Sales for January through November increased by 45.73% year-on-year with over 302,118 units sold.Deepal's Series C funding has attracted two new major shareholders: Chongqing-based state-owned enterprise Yufu Holding Group and the financial arm of China Merchants Bank, CMB Financial Asset Investment. The company will use these funds to support its ongoing expa...