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Byton closes $500 million Series-B financing round led by FAW Group, opens Nanjing global HQ

Dr. Daniel Kirchert NANJING – Byton concluded its Series-B financing round on June 11, attracting a total of $500 million from multiple investors led by FAW Group, as well as Tus-Holdings, Chinese battery manufacturer CATL, among others. The Chinese smart EV startup also officially opened its global headquarters in Nanjing, Jiangsu Province

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Groupe PSA becomes first foreign carmaker to launch a smartphone app for car loans in China

WUHAN – Groupe PSA has become the first foreign carmaker to launch a smartphone app for car loans in China, the French automaker said in a statement on January 25. The Dongfeng PSA Finance app, available for download on Android and iOS, uses different technologies such as electronic signatures, optical character

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WM Motor receives more than £¤12 billion in funding after latest financing round with Baidu

SHANGHAI – Smart EV and mobility services startup WM Motor said in a statement on December 5 that it has completed the latest round of financing led by Baidu Capital as well as several other internet strategic and financial investors including Baidu Group, SIG Haina Asia and Ambiba. The undisclosed

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SouChe raises $335 million Series E round led by Alibaba

HANGZHOU – SouChe, China’s leading online automobile transaction platform, announced recently that it has closed its $335 million Series E funding round led by Alibaba with participation from Warburg Pincus, Primavera Capital and CMB International. The latest financing round comes less than 12 months from the $100 million Series C

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Brilliance signs £¤18 billion strategic cooperation agreement with SPD Bank

SHANGHAI – Brilliance China Automotive Group, China’s 9th largest automaker by sales volume, signed a strategic cooperation agreement with the Shanghai Pudong Development Bank (SPD Bank) here on August 22 where SPD Bank will provide Brilliance ¥18 billion worth of financing. Through the strategic cooperation, SPD Bank will support Brilliance

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Renrenche completes D-round $150 million financing

BEIJING – Renrenche, one of the online used car dealers, announced on September 5 that it has completed D-round $150 million in financing. The new investors include Hanfor Capital, China Minsheng Investment Group (CMIG), Xinjun Capital and Prometheus Capital. Moreover, strategic investors Tencent, Shunwei Capital, Ceyuan Ventures and Redpoint Ventures

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Guazi.com completes $204.5-million Series A financing

BEIJING – Guazi.com, an online C2C used car trading platform, has completed its initial round of financing worth $204.5 million, the most any online used car trading platform has ever received, the company announced on March 30. The lead investors of this round include Sequoia Capital China and Guangxin Capital. The company

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Captive providers outperform banks in dealer finance satisfaction in China

SHANGHAI - Captive providers in China outperform banks in overall dealer finance satisfaction, according to the J.D. Power Asia Pacific 2014 China Dealer Financing Satisfaction (DFS) StudySM released on September 17. The inaugural study examines dealer satisfaction with finance providers in two segments, retail credit and floor planning, based on

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