CHJ AUTOMOTIVE ELECTRIC CAR STRATEGY
wattEV2buy explores the CHJ Automotive electric car strategy and list the CHJ EV models, news, and sales as it vies for a position in the fast-growing EV market.
Co-founded by Kevin Shen and Li Xiang (Autohome and NextEV) the CHJ Automotive electric car strategy is the develop an ultra-compact EV for city use priced below $8,000. The initial launch date was set for March 2018. Central to the design of the smart lookalike EV is CHJ Auto’s battery swapping technology which opens up an annuity income stream for the company from the sale of its vehicles. The CHJ SEV is equipped with not one but two batteries. CHJ Auto is also planning a pure electric SUV and a range-extended version of it, using similar technology as the BMW i3 REx.
CHJ Auto is also one of Baidu, the Chinese equivalent of Google, vehicle manufacturing partners for its self-driving car program – Project Apollo. CHJ Auto and Chinese raid-hailing company, Didi Chuxing, entered into a JV to develop and build EVs in March 2018.
Founded in 2015, CHJ Automotive raised its starting capital in an Angel round from Future Capital. CHJ raised a further ¥780 million in 2016 through a round A fundraising from the lead investor the LEO Group, a machinery maker listed on the Shenzhen exchange and Source Code Capital, Changzhou Wujin Hongtu Venture Capital and Future Capital. In 2018 CHJ raised ¥3 billion in a round B fundraising led by Matrix Partners China, a new EV fund managed by the Shougang Fund, the investment vehicle for state-owned steel company Shougang Group bringing the total investment in the CHJ to nearly $1 billion (¥5.75 billion).
CHJ EV MODELS
CHJ EV SALES
CHJ EV MODELS IN THE NEWS
Week 13 2018 - CHJ changes tact
In 2017 CHJ Automotive of China announced with great confidence on CNBC the development of its SEV (small electric vehicle) priced below $8,000 to revolutionalize the EV sector. The landscape is moving fast and incentives and competition which made such a project viable at the time has changed. Since 2017 EV subsidies in China are more focused on long-range technology making the CHJ SEV business case obsolete. Competitors such as the SAIC-GM Wuling also brought the Baojun E100 to market for less than $5,000 after incentives. Other companies followed suit, and more companies such as ZhiDou have sub $5,000 EVs in the market. Subsequently, the Li Xiang, co-founder of CHJ and NextEV this week announced that the company would scrap the SEV project and focus on its collaboration with ride-hailing company Didi with which it is to develop a clever EV and the development of CHJ’s SUV EV.
Week 25 2017 - New EV Brands announced
CHJ Automotive announced during a Round A capital raising that it will create a new vehicle category for city application by bringing an ultra-compact two-seat EV to market in 2018 from its plant in Changzhou, Jiangsu province.
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