Xiaomi car investment territory and expansion, hundreds of millions of yuan invested in this company!

On January 12, Zhejiang Fute Technology Co., Ltd. (hereinafter referred to as "Fute Technology"), a manufacturer of core components of new energy vehicles, announced the completion of a strategic round of financing of 100 million yuan. This round of financing was invested by the industrial investment institution Hubei Xiaomi Yangtze River Industry Fund Partnership (Limited Partnership) (hereinafter referred to as "Xiaomi Production and Investment"), which is also another important industrial capital ushered in by Fute Technology after obtaining strategic investments such as GAC Group Capital, NIO Capital, and Anji Production and Investment. The funds raised in this round of financing will be mainly used for new platform research and development and overseas market layout.

Previously, Fute Technology completed a series D financing of 100 million yuan led by Huaqiang Capital and co-invested by China Resources Micro and Hongda Hi-Tech. The two rounds of financing have accumulated nearly 300 million yuan. According to the announcement information of the listed company Changgao Group, the valuation of Fute Technology is at least 2.5 billion yuan.

Source: Fute Technology official website

The valuation is about 2.5 billion yuan

According to the official website of Fute Technology, the company was established in August 2011, focusing on the technology research and development and intelligent manufacturing of high-voltage core components of new energy vehicles, and is the main supplier of domestic new energy vehicle on-board chargers and on-board DC/DC converters.

The company's main customers include Renault Nissan Alliance (domestic designated supplier), LG (general purpose), ICS (Volkswagen), Great Wall Motor, GAC, Weilai, Xiaopeng and other well-known OEMs at home and abroad, as of 2021, the company has accumulated more than one million sets of on-board power supplies. The company said that as a major supplier of domestic vehicle high-voltage power supply, its domestic market share is nearly 20%. At present, cnAS certified automotive grade laboratory, automotive grade product development system and automotive grade automotive electronics manufacturing plant have been built.

According to Fute Technology, at the beginning of 2021, the company's Huzhou Anji manufacturing base with an annual output of 1.2 million sets has been put into production. In the future, the company will also actively expand new business around the application of new energy vehicle charging and discharging.

For this investment in Fute Technology, Sun Changxu, managing partner of Xiaomi Production and Investment, said: "Fute Technology's products are the core components of the new energy vehicle charging scenario, and we are optimistic about the company's technical accumulation in the field of high-voltage power supply and the continuous pursuit of product quality. It is believed that Fute's globalization strategy will be steadily implemented, and it is expected that through this investment, Fute will help Fute become a world-class core component manufacturer of new energy vehicles. ”

According to Tianyan, Fute Technology has also previously received investment from the listed company Changgao Group. According to the announcement of Changgao Group, in November 2021, Changgao Group intends to transfer 1.80% of the equity of Fute Technology (a total of 144.143 million shares) held by Changgao Group to Qigang Weifeng at a transfer price of 45 million yuan. After the completion of the transaction, The shareholding ratio of Changgao Group in Fute Technology was changed from 11.8416% to 10.0416%.

The announcement revealed that the transaction was based on the valuation of Fute Technology of 2.5 billion yuan, and the transfer price per share was about 31.219 yuan.

According to the announcement of Changgao Group, Xiaomi Production and Investment holds about 3,813,282 shares of Fute Technology, with a shareholding ratio of about 4.7619%.

In the whole year of 2020, Fute Technology achieved operating income of 314 million yuan and net profit of 2.0309 million yuan; in 2021, the performance of Fute Technology soared, and from January to September 2021, Fute Technology achieved operating income of 572 million yuan and net profit of 30.1507 million yuan.

The pace of Xiaomi car manufacturing has accelerated

Since the official announcement of the car in March 2021, Xiaomi's action in the automotive field has accelerated significantly, and the relevant investment institutions of Xiaomi and Lei Jun have invested in dozens of enterprises in the automotive industry chain, covering many fields such as intelligent driving, on-board chips, and power batteries.

In the field of intelligent driving, Xiaomi has completed investments in ai parking solution provider Ai Parking, ADAS technology supplier Zongmu Technology, lidar provider Hesai Technology, smart car supply chain company Shanghai Geometry Partners, and self-driving technology company DeepMotion. In the field of chips, it has invested in black sesame, Yuntu Semiconductor, Yutai Microelectronics, Polyxin Microelectronics, Yizhao Microelectronics and other companies. In the field of batteries, it has invested in Ganfeng lithium battery, honeycomb energy, AVIC lithium battery, Zhuhai Guanyu and other battery companies.

Lei Jun once revealed on Weibo that Xiaomi's car manufacturing progress exceeded expectations, and it is expected to mass-produce the first car in the first half of 2024.

In November 2021, Xiaomi Automobile signed a relevant cooperation agreement with the Administrative Committee of Beijing Economic and Technological Development Zone and officially settled in Beijing Economic and Technological Development Zone. According to the plan, Xiaomi Automobile will build a vehicle factory in two phases in the Beijing Economic and Technological Development Zone, with a cumulative annual output of 300,000 vehicles, of which the first and second phases of production capacity are 150,000 units, and the first car will roll off the production line and achieve mass production here.