Chinese electric vehicle maker Deepal, a subsidiary of Changan Automobile, has completed a new funding round totaling RMB 6.122 billion ($874 million) as it seeks to strengthen its position in an increasingly competitive domestic and global EV market.
The company said the Series C financing introduced two new shareholders — Yufu Holding Group, a Chongqing-based state-owned enterprise, and CMB Financial Asset Investment, a unit of China Merchants Bank. Following the transaction, Changan retains a 50.9959% stake in Deepal, while Yufu and CMB Financial hold 12.0934% and 2.4187%, respectively. Other existing shareholders saw minor dilution.
Deepal said the funding will support product development, manufacturing expansion and international growth as competition intensifies across China’s EV sector.
The automaker has delivered more than 700,000 vehicles cumulatively, expanding its presence to nearly 100 overseas markets, according to information released by the company.
Founded in 2022, Deepal is Changan’s dedicated electric vehicle brand. Its first model, the SL03, debuted in July 2022 and was positioned as a competitor to Tesla’s Model 3. The lineup has since expanded to include the L06 and L07 sedans, along with the S05, G318, S07, and S09 sport utility vehicles.
The company reported strong sales momentum this year, delivering 302,118 vehicles between January and November, representing a 45.73% year-on-year increase, according to data compiled by CnEVPost. November deliveries reached 33,060 units, marking the third consecutive month above 30,000 units, despite an 8.23% year-on-year decline.
Deepal’s latest funding round underscores continued investor interest in China’s EV sector, even as competition intensifies and pricing pressure mounts across the market.