Interface News Reporter | Liu Jiaxin The automotive industry has seen financing rise after three months of decline. Capital markets now focus on the autonomous driving sector. According to statistics from Gaishi Automotive, in July 2024, the domestic automotive sector disclosed about 34 financing rounds. The total disclosed amount exceeds 5.17 billion yuan, marking a 20% increase from the previous month. The top three companies in financing scale all focus on the autonomous driving sector. Weidu Technology ranks first. It specializes in new energy autonomous heavy trucks. Before this financing, it secured five rounds of funding. Investors include Jinsha River Ventures, Fangyuan Capital, Yunqi Capital, Hefei Innovation Investment, and Rongqing Logistics. A recent investment of $200 million from a Belgian sovereign wealth fund makes Weidu Technology the first new energy vehicle company in China to receive funding from a European sovereign fund. This company is not unknown. Its new energy heavy trucks have undergone product testing in several European countries and received thousands of orders from European clients. Currently, it has launched two products: a pure electric heavy truck and a hydrogen-powered heavy truck, along with a level 5 autonomous control chassis. Weidu Technology plans to build a factory in Antwerp, Belgium, for research, production, and sales. It expects to start mass production and delivery in the domestic market in the fourth quarter of this year.
The second place, Xinchitech, is a new player in China’s automotive chip market. Xinchitech focuses on central computing and regional control electronic architectures. It offers high-performance, reliable automotive-grade chip products and solutions. The total shipment of its automotive-grade chips has exceeded 6 million units. These chips cover over 90% of domestic OEMs and some international mainstream automotive brands.
Recently, ChipTech secured a 1 billion yuan strategic investment from the Economic Development Zone and Beijing. The company will establish itself in the Beijing Economic and Technological Development Zone. Its post-investment valuation exceeds 14 billion yuan. The third-ranked company, Ruqi Mobility, was founded in 2019 by GAC Group, Tencent, and Didi. It focuses on the popular Robotaxi sector. On July 10, Ruqi Mobility listed on the Hong Kong Stock Exchange. The company offered 30.048 million shares globally, raising approximately 969.2 million Hong Kong dollars. However, after listing, the stock price fluctuated and even halved at one point. Notably, several companies in this sector are seeking to go public to raise more funds for commercialization. More original equipment manufacturers are also entering this field. In addition to smart driving and smart cabins, data from July shows five financing rounds in the battery and related industries, and three in the low-altitude economy sector. Earlier this month, XPeng’s subsidiary, XPeng Huitian, announced it secured 150 million dollars in Series B1 funding to ensure the smooth development and mass production of its flying cars.