China’s auto parts supplier Tongyu Automotive bags over 500 million yuan in Series B strategic financing

Published: Dec 4, 2023 11:28

Source: gasgoo

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Tongyu Automotive announced via its WeChat account the recent successful completion of a strategic Series B financing round, which raised over 500 million yuan.

Shanghai (Gasgoo)- Shanghai Tongyu Automobile Technology Co., Ltd. ("Tongyu Automotive"), the primary tier-one supplier of core components for intelligent chassis systems in China, announced via its WeChat account the recent successful completion of a strategic Series B financing round, which raised over 500 million yuan.

In the fresh financing round, Tongyu Automotive attracted investments from a consortium of prominent industry capitals and financial institutions, including Shenzhen Capital Group, GGV Capital, BAIC Capital, Rockets Capital, Jianxin Capital, XYUAN Capital, Huo-Yan Capital, MainTrend Capital, and others. Notably, existing stakeholders such as Xiaomi Industry Investment, Dongfeng Asset Management, BOCOM International, SummitView Capital, Jingbang Capital ("JBC"), Yizhou Capital, Tongchi Capital, and Ruomu Capital ("Yizhou", "Tongchi", and "Ruomu" are dubbed in Chinese Pinyin) have further contributed to this funding round.

The proceeds from this financing will be primarily allocated to the continuous expansion of Tongyu Automotive's intelligent braking product series, including the EHB (two-box) electronic hydraulic brake system, iEHB (one-box) integrated electronic hydraulic brake system, EPB electronic parking brake system, ABS anti-lock brake system, and ESC electronic stability control system. The funds will also accelerate the innovative R&D of new products such as the EMB electronic mechanical brake system, SBW steer-by-wire system, and CDCU chassis domain control unit, in addition to the development of Tongyu's headquarters in Shanghai.

Remaining committed to its two-pronge focus on commercial and passenger vehicles, Tongyu Automotive has achieved large-scale production across the passenger, commercial, and unmanned vehicle markets. Its products, validated through extensive market testing, have been supplied to over 80 customers, said the company.

Tongyu Automotive's Phase I production base in Yichun city, Jiangxi province, was completed and put into operation in June 2022. In November 2023, with strong support from the governments of Jiading District and Anting Town in Shanghai, Tongyu Automotive successfully signed a contract for the construction of its Shanghai headquarters. Construction is set to commence in June of the following year, with a total floor area of approximately 60,000 square meters, including an intelligent manufacturing facility spanning about 28,000 square meters.

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