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In this era when the development of new energy vehicles has become a trend, more and more enterprises want to enter, and at the same time, more and more enterprises are facing elimination. Because this is a "money-burning" industry, car companies around the world have invested a lot of money while planning for transformation. A few days ago, Singularity, as a member of the new power, confirmed that it had received a new round of financing from Itochu Commercial Co., Ltd.

This is Itochu's re-investment in Singularity following an investment of 1 billion yen ($9.05 million) and a 1.12% stake last year. The investment is said to be nearly $100 million. After the financing round was completed, Itochu had a stake of about 7 per cent, making it the second largest shareholder after Shen Haiyin, founder of Singularity and CEO. In addition, Reuters reported that the two sides agreed that Itochu would be able to further increase its stake under certain conditions.

Prior to this, Singularity has received many rounds of financing, including Lenovo Star, Qihoo 360, Intel Investment, Boyong Fund, Tongling Municipal Government and other financial and strategic investments, with a total financing of more than 17 billion yuan. Even so, it is not enough to support Singularity to complete the delivery of mass-produced cars.

For this round of financing, Reuters learned from a person close to the deal that it will mainly be used to accelerate the mass production of large all-electric SUV iS6 models in Singularity cars and to prepare in advance for the follow-up IPO.

In fact, Singularity, a car company established as early as 2014, released mass-produced models in 2017 and announced small batch production at the end of the year. In January 2018, Singularity founder Shen Haiyin also said that Singularity iS6 would be put into mass production by the end of the year. In October 2018, Shen Haiyin announced that the listing of Singularity iS6 would be postponed. It has been delayed again and again until around the Spring Festival in 2019, and the mass production plan has not yet been decided.

In April, Singularity also released an iC3, a mini electric vehicle based on Toyota's eQ, and gave a timetable for mass production in early 2021. So far, however, Singularity has not delivered any of its models on a large scale, and in March, official figures for Singularity found that only six is6 models were delivered, a far cry from its quarterly completion rate of 20, 000 vehicles for the whole year.

In response to the problem that the vehicle has been unable to produce in large quantities, Shen Haiyin, Singularity CEO, also said that the model originally scheduled to launch in 2018 had to be delayed due to three changes in the partner and production base. In addition, the iS6 will be produced by BAIC's Changhe plant in Jingdezhen, Jiangxi Province, which is currently being renovated and the equipment is in place, and iS6 is expected to be in mass production by the end of the year.

In comparison, many new power car companies have delivered models in mass production, of which NIO has delivered more than 20,000 vehicles, and Xiaopeng and Weimar have also delivered more than 10,000 vehicles.

In 2019, the new forces of domestic car-building have entered the reshuffle game, the competition tends to be white-hot, and the window period of the new forces of car-building is gradually closing. there is little time left for the new forces of car-building on the Internet. as for the future of Singularity cars, which has received a new round of financing, will also wait and see.

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