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BUSINESS & TECH

Electric-Vehicle Startup Raises $400 Million in First Half

Electric-vehicle maker Dearcc showcases one of its models on May 1 in Fuzhou, East China’s Fujian province. Photo: VCG
Electric-vehicle maker Dearcc showcases one of its models on May 1 in Fuzhou, East China’s Fujian province. Photo: VCG

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.

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