Chinese EV startup Bordrin raises USD 362 million to speed up mass production

It plans to ship its first EV by Q1 2020.

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Chinese electric vehicle maker Bordrin Motors announced Monday that it has raised RMB 2.5 billion (USD 362 million) from investors including state-controlled SinoChem International.

Other investors included Prosperity Investment and Japan’s Sumitomo, said the company. It was set up in 2016 and now boasts research centers and production entities in cities including Detroit, Shanghai, Beijing, and Tianjin.

The company revealed that it will mass produce its first EV model, iV6, by the end of this year in Tianjin and ship them to buyers by the first quarter of 2020.

US EV maker Tesla announced Friday that it sold its first China-made Model 3 in just a few minutes after it opened pre-orders on its website.

The delivery time for these Tesla models will be between 6 to 10 months, pressuring its Chinese competitors to speed up mass production and shipments.