CN - ROX Motor raises $1 billion worth of strategic investment from Weiqiao Pioneering

On September 22, Jishi Auto's parent company, Shanghai ROX Intelligent Technology Co., Ltd. ("ROX Motor"), announced that it has secured a strategic investment of $1 billion from Weiqiao Pioneering Group.

Reading time: min

The funds will be allocated towards the R&D of all-aluminum vehicle bodies, integrated die-casting technology, and a short-cycle smart manufacturing factory project.

As of now, ROX Motor has successfully completed six rounds of financing. In April 2021, ROX Motor secured an angel round of funding led by Northern Light Venture Capital and Gaorong Capital, with a valuation of $240 million at that time. Then, ROX Motor secured three rounds of financing (Series B, C, and D round) consecutively, with its valuation increased to $2 billion. On February 24 of this year, the company obtained equity financing from IDG Capital and Tencent Investment. After just six months, ROX Motor once again secured a strategic investment of $1 billion.

Simultaneously, Jishi Auto's first dealership and delivery center have officially commenced operations in Shanghai. According to its plan, by the end of this year, the automaker will establish 17 experience showrooms, 11 delivery centers, and 11 service centers in 17 cities nationwide. Additionally, it will construct 62 authorized body and paint service centers in 55 cities.

Jishi Auto is a new energy vehicle brand jointly created by ROX Motor and Beijing Automobile Works Co., Ltd. ("BAW"). ROX Motor is responsible for providing intelligent solutions and design, while BAW is responsible for the production and manufacturing of the vehicles. This production model is similar to partnerships like Huawei and SERES launching AITO, and Baidu and Geely launching JI YUE, where one party handles the intelligence and product design while the other focuses on production and manufacturing.

ROX Motor unveiled its first production model, the Jishi 01, only two and a half years after its inception in January 2021. On August 22 of this year, Jishi Auto's first mass-produced vehicle, the Jishi 01, officially hit the market. It is positioned as a rugged off-roader, available in two trim levels, with prices starting at 349,900 yuan and 359,900 yuan, respectively. Deliveries are expected to commence in November this year.