Leapmotor closed a new round of financing for RMB 4.5 billion ($690 million), the company said in an announcement on Wednesday.

Hangzhou government fund invested RMB 3 billion and other investors included CICC Capital, according to the announcement.

The partnership is beneficial for Leapmotor to accelerate product development, channel layout and further expansion of brand promotion, the company said.

Leapmotor previously completed Pre-A, A and A+ rounds of financing in January 2018, November 2018 and August 2019, respectively, for a total amount of RMB 2.76 billion, according to information from data provider Qixin.com.

Leapmotor announced the completion of RMB 4.3 billion Series B financing on January 27, with strategic investors including Hefei Municipal People's Government, SDIC Chuangyi, ZJU Jiuzhi Investment Management Co and Yonghua Capital.

With this RMB 4.5 billion round of financing, Leapmotor's total financing to date has exceeded RMB 11.5 billion.

Among the new car makers, only , Motors, , , Hozon Auto, Enovate and Leapmotor have raised more than RMB 10 billion so far.

At the end of December last year, Leapmotor founder and chairman Zhu Jiangming published an internal letter with an ambitious "5-year plan" to be the Top 3 new car makers by 2023.

The company also hopes to gain a 10 percent market share of China's new energy vehicle market by 2025.

Leapmotor plans to file IPO documents in the second half of this year, and to list on the STAR Market by the end of the year or early 2022, according to previous media reports.

Leapmotor delivered 4,404 units in July, up 666% year-over-year

(Photo source: Leapmotor)