Rather than developing its first model from scratch, Eezi Tech has chosen to have other OEMs build it for it.
(Image credit: Eezi Tech)
Although it's well past the stage of rapid start-ups for electric vehicle (EV) newcomers, there are still such companies being formed and funded.
Eezi Tech, a Chinese EV startup founded only last June, recently announced it had closed a Pre-A round of funding for an undisclosed amount.
The round was led by China Merchants Venture Investment Management, with participation from investors including Yigao Capital and Guiyang Industrial Development Holding Group.
The funds will be used for the development of Eezi Tech's first model, codenamed VC, which will be in mass production in 2022, according to the company.
Eezi Tech was founded in June 2021 and received an angel round of investment from Creation Venture, Duliangheng Capital, and Qiande Fund in September.
Just five months after its founding, the company's first quasi-production vehicle was unveiled at the Guangzhou Auto Show last November, when it also unveiled the EEZI STEP 1.0 platform.
Products under the platform will feature a flexible chassis design that will cover multiple classes of pure electric models, helping product development achieve modular, integrated, intelligent and customized design, according to the company.
Its VC model is equipped with super-fast charging technology, claiming that 8 minutes of charging can support driving of 200 kilometers.
Notably, Eezi Tech will not be developing the model from scratch, but has chosen to have other OEMs build the model for it.
The VC model will be OEM'd by Chongqing-based BAIC Ruixiang, which was renamed from BAIC Yinxiang after its restructuring in 2019.
China accounts for 53% of global passenger NEV sales in 2021, CPCA data show