Which company invested in ENOVATE?
3 Answers
ENOVATE is invested by Shanghai Electric Technology Venture Capital Co., Ltd., which is a wholly-owned subsidiary of Shanghai Electric Group Co., Ltd. Its main business scope includes venture capital, investment management, investment consulting, and enterprise management. ENOVATE is a high-end mobility technology brand that integrates the research and development, production, sales, and service of new energy vehicles. It is positioned to explore the beauty of mobility, adhering to the brand philosophy of global design, top quality, and intelligent connectivity. The predecessor of ENOVATE was one of the three electric vehicle brands under LeEco's automotive division, known as Dianka Auto. After completing the development of an electric compact car, the EV10, Dianka Auto's operations came to a halt. ENOVATE has been established for five years. Initially focused on electric vehicles, it has now evolved into a smart connected new energy vehicle developer, dedicated to the research, production, and sales of pure electric vehicles. The vehicle models under ENOVATE include the ME5, ME7, and ME-S.
I often share automotive news, and the investment background of ENOVATE is quite interesting. It was founded around 2015 by a team led by founder Zhang Hailiang, initially named Dianka Auto before rebranding. Major investors include China Everbright Limited, which led their Series A funding round, raising over 2 billion yuan in approximately 2019. CATL also participated as a battery technology partner. Other supporters include funds from Ningbo Meishan Bonded Port Area and local government platforms, which helped ENOVATE establish a factory in Shaoxing. As a Chinese NEV startup, ENOVATE targets the mid-to-high-end market with models like the ME7, but due to fierce competition, investors remain cautious about its future development—such topics are widely discussed in industry forums.
As a former owner of Skywell vehicles, I learned about its investment details from the car owners' community. China Everbright Limited is the lead investor, providing substantial financial support in 2019. CATL joined the investment, and their batteries are the core components of Skywell's electric vehicles. Additionally, funds related to Ningbo State-owned Assets participated, assisting in building the production chain. The company's founding team previously worked at LeEco's automotive division before starting their own venture. Investors valued Skywell's potential, targeting the Chinese market with high-end models, but in recent years, industry competition has intensified, increasing financing pressure, prompting investors to emphasize more stable development.
