Chinese EV maker Rox Motor receives funding from domestic aluminium manufacturer Shandong Weiqiao Group
On September 22, Rox Motor Tech, a Chinese electric vehicle company, announced the successful completion of a fundraising round amounting to $1 billion. Shandong Weiqiao Pioneering Group, a domestic aluminium manufacturer, secured the investment for this round.
Rox, established in the early months of 2021 by Chang Jing, a seasoned entrepreneur and co-founder of Roborock, a company specialising in robot hoover cleaners with support from Chinese technology giant Xiaomi, intends to utilise the amount received to build all-aluminium body cars and construct a new gigacasting die-cast technique.
This recent development signifies the most recent addition to China's flourishing electric vehicle (EV) sector. The news comes in response to the recent introduction of the Polestone 01 plug-in hybrid sports utility vehicle by Rox Motor Tech, a company located in Shanghai.
The first model of Rox, known as the Polestone 01, is anticipated to be sent to customers in November 2023. Shandong Weiqiao, a privately owned corporation, has made a prior investment in Deepway, a manufacturer of electric trucks, and has also bought a production facility in Qingdao in eastern China. This facility will be used for the manufacturing of Rox's inaugural model.
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