Electric-Vehicle Startup Raises $400 Million in First Half

Electric-car maker Dearcc has raised 2.5 billion yuan ($368.8 million) in total funding in the first half of this year, racing to catch up with other forerunners in the booming sector.

Its investors include government-led industry funds, financial institutions and companies in the auto industry, Dearcc said in a statement (link in Chinese) on Tuesday, without naming them. The company said it will use the money to develop new vehicle prototypes, build factories and recruit talent.