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World NewsGAC, Nio-backed EV start-up Hycan claims another funding round coming

GAC, Nio-backed EV start-up Hycan claims another funding round coming

Hycan CEO Yang Ying speaks with CNBC’s Evelyn Cheng through the 2021 East Tech West convention within the Nansha district of Guangzhou, China.

GUANGZHOU, China — Chinese electrical automotive start-up Hycan hasn’t delivered many automobiles but, but it surely claims it is on the verge of a big fundraise as traders pour extra money right into a sizzling sector.

The information of extra capital taking a look at different gamers in China’s electrical automotive market comes as extra established start-ups like Nio and Xpeng have already delivered greater than 10,000 automobiles every in November alone. Unofficial figures — which Hycan declined to verify – point out gross sales of some hundred automobiles through the first ten months of this yr.

“In January, we raised more than 2 billion yuan ($312.5 million), which is a recognition from our big investors. Next, the new round of financing overall will not be less than this figure,” Yang Ying, CEO of Hycan, stated in Mandarin on Dec. 1 at CNBC’s annual East Tech West convention within the Nansha district of Guangzhou, China.

Yang didn’t specify when the funding round would shut. He claimed about 20 funds and funding establishments around the globe had been concerned about Hycan.

The start-up was based in 2018 below the title GAC-Nio, referring to its traders: state-owned automaker GAC and U.S.-listed electrical carmaker Nio.

GAC and a agency known as Pearl River Investment invested 2.4 billion yuan into the start-up in January, in keeping with the electrical automotive firm. That month, Yang grew to become CEO after holding totally different managerial roles at GAC. The start-up accomplished a rebrand below the title Hycan in May.

The firm launched its second mannequin in October, an electrical SUV known as the Z03 with a worth vary of 132,800 yuan to 168,800 yuan. That’s a cheaper price vary than fashions from Nio and Tesla.

Yang stated Hycan has acquired greater than 30,000 orders. He expects the corporate’s complete deliveries for this yr to be at the very least 10 occasions what they had been final yr. It was not clear what number of automobiles Hycan delivered in 2020, when the one mannequin it had available on the market was the 007.

Hycan has centered its technique on attracting younger customers, primarily born after 1995. The start-up has performed up its partnership with Chinese e-sports workforce EDG, which beat a South Korean workforce in a broadly adopted championship in November.

Yang stated the corporate plans to accomplice with two or three worldwide style manufacturers subsequent yr, though he stated he couldn’t but disclose their names.

Read extra about electrical automobiles from CNBC Pro

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