New Energy Car Sellers Achieve Outstanding Performance in China’s Fundraising Market in 1H22

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China-based new-energy car sellers in China’s fundraising market in 1H22 absorbed the largest number of funds among various venture capital investment areas, according to China-based media.

There were 5,443 venture capital investment deals worth a total of 245.2 billion yuan ($37.6 billion) in China in the first half of 2022, up 17.8% year on year . Investment in automobiles and transportation-related enterprises ranked first among all areas, totaling 43.25 billion yuan, accounting for 17.6 percent of total investment.

Among the new energy car vendors, Chongqing Changan New Energy Vehicle Technology raised CNY 5.0 billion in the first half of 2022, Beijing BeyonCa Intelligent Technology invested CNY 10.0 billion, BYD raised CNY 6.0 billion, Jidu Automobile with CNY 2.0 billion and GAC Aion New Energy Automobile with CNY 2.0 billion.

There were around 2.6 million new energy cars sold in the Chinese market in the first half of 2022, increasing 120% year on year and accounting for more than 20% of all new cars sold in the six months.

VC investment in new energy car vendors focused on level 2 autonomous driving. Level 2 autonomous driving based on ADAS (Advanced Diver Assistance System) has penetrated 23% of all existing cars in China in the first quarter of 2022, and China-based companies engaged in the development and production of ADAS have started to get a return on investment and therefore have become attractive to venture capital investment companies.

As Level 1 and 2 dominate autonomous driving and are expected to prevail globally in the next 3-5 years, many local governments in China have implemented policies encouraging R&D Level 3 autonomous driving. For example, the city government of Guangzhou in southern China has offered a CNY 10 million grant for a car model that meets Level 3 or higher self-driving standards specified by the Chinese Ministry of industry and information technology, with a total subsidy of a company subject to a maximum of CNY 30 million.

In addition to new energy car suppliers, SiEngine Technology, a China-based automotive SoC developer, raised the most funds in the first half of 2022 among automotive IC design companies and millimeter wave radar and radar developers. Automotive LiDAR.

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