SHANGHAI, Aug. 20, 2021 /PRNewswire/ -- With the evolving
landscape of the global automotive industry, Cango Inc. (NYSE:
CANG) ("Cango" or the "Company") is issuing a bi-monthly industry
insight called "CANGO Auto View" to bring readers, drivers and
passengers up to speed with what's on offer in the automobile
market, what trends are emerging, and what holes need to be
plugged.
Below is an article from the Company's 4th edition for
June 2021.
There is no doubt that onboard chips, onboard sensors, ADAS
solutions, advanced autonomous driving solutions and smart cockpits
have become hot topics and buzzwords for new investments in the
auto industry.
Smart driving technology companies for instance were a key
capital market focus in 2020. According to public data, there were
39 capital raises in the global autonomous driving industry in
2020, with total financing of RMB43.162
billion, an increase of over 30% year-on-year.
Among them, domestic Chinese companies such as WeRide, Pony AI,
Horizon Robotics and UISEE all completed a new series of financing,
millions of dollars each.
In early January 2021, WeRide
completed Series B1 financing of USD200
million, led by Yutong Group, a strategic investor. In
mid-January, the company quickly completed Series B2 and B3, with
total Series B financing reaching USD310
million. Immediately after completion, the company moved on
to Series C.
UISEE Technology completed a new series of financing totaling
more than RMB1 billion on
January 25 and received a strategic
capital injection from the National Manufacturing Transformation
and Upgrade Fund, marking the first state-backed investment in the
autonomous driving field.
On February 8, Pony AI announced
it has received USD100 million in
Series C+ financing, concluding Series C with a total of
USD367 million in fundraising. The
new investors are BIA (Brunei's
sovereign wealth fund) and CPE. This was the first financing
conducted by Pony AI in 2021. In the 12 months before that, the
company has raised a total of nearly USD900
million.
Horizon Robotics, the only domestic company that has achieved
mass production of pre-installed auto smart chips, just completed
its Series C2 financing of USD400
million in early January and its Series C3 financing of
USD350 million on February 9. As of now, Horizon has already raised
USD900 million in Series C.
About Cango Inc.
Cango Inc. (NYSE: CANG) is a leading automotive transaction
service platform in China
connecting dealers, financial institutions, car buyers, and other
industry participants. Founded in 2010 by a group of pioneers in
China's automotive finance
industry, the Company is headquartered in Shanghai and engages car buyers through a
nationwide dealer network. The Company's services primarily consist
of automotive financing facilitation, car trading transactions, and
after-market services facilitation. By utilizing its competitive
advantages in technology, data insights, and cloud-based
infrastructure, Cango is able to connect its platform participants
while bringing them a premium user experience. Cango's platform
model puts it in a unique position to add value for its platform
participants and business partners as the automotive and mobility
markets in China continue to grow
and evolve. For more information, please visit:
www.cangoonline.com.
Media Contact:
Juliet Ye
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: pr@cangoonline.com
Twitter: https://twitter.com/Cango_Group
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SOURCE Cango Inc.