- Deepal has brought in two new shareholders through this financing round, securing resources for its expansion.
- Deepal sold 302,118 vehicles from January to November, marking a 45.73 percent year-on-year increase.
Deepal, the electric vehicle (EV) unit of Changan Automobile (SHE: 000625), has completed its Series C funding round, bolstering its capabilities to navigate intense market competition.
Deepal announced today the completion of this RMB 6.122 billion ($874 million) Series C funding, saying it will accelerate its development.
Through the latest funding, Deepal welcomed two new shareholders: Chongqing-based state-owned enterprise Yufu Holding Group and CMB Financial Asset Investment, a subsidiary of China Merchants Bank.
Deepal has cumulatively delivered over 700,000 vehicles, expanding its global footprint to nearly 100 countries and regions, according to an article published on WeChat.
Following the funding, Changan retains a 50.9959 percent stake in Deepal, while Yufu holds 12.0934 percent and CMB Financial holds 2.4187 percent. Several other existing shareholders saw their stakes slightly reduced.
Deepal is Changan's EV brand announced in 2022. Its first model, the SL03, was officially launched on July 25, 2022, positioning as a competitor to Tesla's (NASDAQ: TSLA) Model 3.
Its current lineup also includes the L06 and L07 sedans, along with the S05, G318, S07, and S09 SUVs.
Deepal has seen robust sales growth this year, selling 302,118 vehicles from January to November -- a 45.73 percent year-on-year increase, according to data compiled by CnEVPost.
It sold 33,060 vehicles in November, marking the third consecutive month surpassing the 30,000-unit mark despite an 8.23 percent year-on-year decline.
($1 = RMB 7.0063)
