AutoBeta(AutoBeta.net)08/17 Report--

Ideal Automobile (formerly famous car and Home), a new force in car building, officially announced the completion of $530 million (3.73 billion yuan) C round financing on Aug. 16. Wang Xing, founder of Meituan Dianping, personally invested nearly $300m in this round of financing, while Li Xiang, founder of ideal car, personally invested nearly $100m. After completing the financing, the ideal car is valued at about $2.93 billion (about 20.63 billion yuan). So far, the cumulative financing amount of ideal car has reached 1.575 billion US dollars. The company plans to officially deliver the ideal ONE in November.

According to people familiar with the matter earlier, the proceeds of this financing will mainly be used to finance the mass production of its first electric car, the ideal ONE, as well as related research and development.

Ideal Automobile (formerly famous car and Home) was established in July 2015. it completed 780 million yuan A round financing in 2016 and announced the construction of a factory in 2017. Its manufacturing base is located in Wujin Technology Development Zone, Changzhou City, Jiangsu Province. The factory is designed to produce 300000 cars and covers a total area of 1 million square meters. In December 2018, Chongqing Xinfan Machinery and equipment Co., Ltd. acquired Chongqing Lifan Automobile Co., Ltd. for 650 million yuan. Chongqing Xinfan's physical control company is the ideal car, so the ideal car has also directly obtained the qualification to build the car. Immediately, Chongqing Lifan Automobile Co., Ltd. officially changed its name to "Chongqing ideal Intelligence Automobile Co., Ltd.". The legal representative is Shen Yanan, who is the co-founder and president of ideal Automobile.

Ideal Motor has also signed a contract with Chongqing Liangjiang New area to invest 11 billion yuan to establish a smart car manufacturing base in Chongqing, with a production capacity of 400000 units per year (of which 200000 units per year), and is scheduled to be completed within 2021.

Ideal Automobile's first medium-and large-scale add-on, SUV-- ideal ONE, was released on April 10, 2019, with only one model, with a subsidized price of 328000 yuan. The car adopts an incremental power system with a 1.2T three-cylinder engine with a mileage of 800km under NEDC comprehensive operating conditions and 180km in pure electric mode without a ranger.

Ideal car is working on mass production delivery by the end of this year. The ideal car plans to start mass production of the ideal ONE in October and customer delivery in November. Founder Li Xiang said that the ideal ONE is comparable to the BMW X5, Mercedes-Benz GLE and Audi Q7 in terms of quality.

In May this year, ideal opened its first five retail centers, including five cities in Beijing, Shanghai, Guangzhou, Shenzhen and Tianjin, and plans to expand to 14 by the end of the year.

Li Xiang once said: the financing window for the new power of car building will not exceed one year, a large number of enterprises will be eliminated within a year, and 90% of investors will suffer heavy losses.

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