Chinese Commercial NEV Maker Derry Auto Closes New Series B Round
Derry Auto, a Chinese commercial electric vehicle (EV) maker, has closed a new Series B round of funding of over $100 million.
The round was led by domestic PE firm Anshu Capital and lithium battery developer Gotion High-Tech.
The new funding will be used to accelerate Derry Auto’s product development and commercialization efforts.
The company plans to launch a new line of commercial EVs for the logistics, delivery, and passenger transportation segments.
Derry Auto also plans to expand its production capacity and build a new R&D center.Derry Auto was founded in 2019 by a team of veterans from the automotive and technology industries.
The company’s mission is to “make commercial EVs more affordable and accessible for businesses and consumers.”
Derry Auto’s first product, the E100, is a light-duty electric van that is designed for the logistics and delivery segments. The E100 has a range of over 200 kilometers and can be fully charged in under 3 hours.
The commercial EV market in China is growing rapidly.
The Chinese government has set ambitious goals for the electrification of its commercial vehicle fleet. In 2020, the Chinese government announced that it plans to have 1 million new energy commercial vehicles on the road by 2025.
Derry Auto is well-positioned to capitalize on the growth of the Chinese commercial EV market. The company has a strong team with a proven track record in the automotive and technology industries.
