(Original title: Weilai Motors responded to the listing in the second half of the year: is busy listing a new car and has no time to consider this issue)
News Reporter Bao Yuyu
On December 8, it was reported that Weilai Motor’s current funding round is nearing its end, and the company is planning to go public in the second half of next year. When asked by Zhu Jiang about the possibility of an IPO, Weilai’s Vice President, Zhu Jiang, said the company is currently focused on launching its new model and hasn’t had time to think about the listing yet.
The first production vehicle from Weilai, the ES8, is set to be officially launched on the 16th of this month. This all-electric, seven-seat SUV is priced around RMB 500,000. The car will use a battery-swapping system to address concerns about range anxiety and long charging times. Once the ES8 goes into mass production, Weilai plans to build a network of battery replacement stations across the country, allowing users to "refuel" quickly and conveniently.
Since its debut at the Shanghai Auto Show in April, the ES8 has attracted significant interest. Thousands of pre-orders have been placed, and selected customers and partners will attend the official launch event on the evening of December 16.
To prepare for the market launch, Weilai's experience centers in major cities are also getting ready. Last month, the first Nio House opened on Chang’an Street in Beijing, featuring a store area of over 3,000 square meters. This month, the second experience center in Zhongguancun, Beijing, also opened. Additional locations in Shanghai Xingye Taikoo Hui and Guangzhou Zhujiang New City are now in the final stages of preparation.
Weilai's aggressive investment strategy is supported by its strong performance in the fundraising market. Its investor base is considered one of the most prestigious among domestic new energy car manufacturers. Although it was reported on December 8 that Weilai would end its fundraising after entering the IPO preparation phase, this information has not been officially confirmed.
Li Bin, founder and chairman of Weilai, once stated that building a car would require around RMB 20 billion. It seems that Weilai is getting closer to achieving this goal.
In 2015, Weilai raised hundreds of millions in its Series A round, backed by investors such as Tencent, JD.com, Gaochun Capital, Shunwei Capital, Li Zhi from Auto Group, and Li Bin himself. In September of the same year, the company secured $500 million in Series B funding led by Hillhouse Capital and Pleasant Capital. In June 2016, it received additional funding in the B+ round from Temasek, Newbridge Capital, Hopu Foundation, Lenovo Venture Capital, and IDG Capital. In March 2017, Weilai completed a $600 million Series C round led by Tencent and Baidu. In November 2017, it closed another round of over $1 billion, with Tencent leading the investment and including dozens of new and existing investors such as Baillie Gifford, Lone Pine, CITIC Capital, and China Assets Fund.
With the growing clarity of the future for new energy vehicles and the government’s strong support through financial incentives and policies, more and more new car startups are emerging. This year alone, 11 new energy car companies, including Weilai, have reached the mass production stage. Other notable names in this space include Xiaopeng, Qidian, and Weimar Automobiles.
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