Youxia Motors secures fresh capital
The Chinese e-mobility startup Youxia Motors has managed to collect 800 million dollars in a round of financing. This is the first news we’ve heard from the company since their 2015 introduction of their Model S clone, the Youxia X.
After the prolonged quiet phase, which some had interpreted to mean the potential end of the startup, it seems Youxia was ready to prove its detractors wrong.
A dozen companies are on the list of new investors, including the China National Environmental Protection Corporation. The investment has pushed the valuation of Youxia to total around 1.9 billion dollars.
Youxia also announced their plans to begin construction of a factory in Huzhou, where they plan to produce 200,000 vehicles annually. The plan is to manufacture the Youxia X at the new factory as well. The vehicle has been criticized as being a knockoff copy of the Model S, and features 256 kW performance, which allows for a 460 km range thanks to an 85 kW battery pack. The company offers the vehicle with either a 40 kWh or 60 kWh battery.
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