Changan KAICHENG raises over 2 billion yuan in Series A financing

Published: Jan 3, 2025 16:55

Source: gasgoo

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Changan Automobile's commercial vehicle brand KAICHENG announced on Jan. 2 it successfully raised over 2 billion yuan in its Series A funding round, marking a significant milestone in its capital mark...

Beijing (Gasgoo)- Changan Automobile's commercial vehicle brand KAICHENG announced on Jan. 2 it successfully raised over 2 billion yuan in its Series A funding round, marking a significant milestone in its capital market journey.

The funding was jointly led by Changan Automobile, government industrial funds, military equipment funds, CCB Investment, and other investors.

With this new capital, Changan KAICHENG plans to accelerate its strategies in electrification, intelligence, pickup truck development, and global market expansion. Starting in 2025, the company will exclusively launch new energy vehicle (NEV) products, with over six models expected in the next three years, aiming to increase its share in the light-duty commercial NEV market.

For pickup trucks, the company aims to release four NEV models across three product series within three years, strengthening its lineup. Globally, Changan KAICHENG targets total sales of 600,000 units by 2030, with overseas sales contributing 50%.

The successful Series A funding reflects confidence in Changan KAICHENG's ambitions and lays the groundwork for further equity financing and an IPO, said the company.

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