Chuanshi Technology CEO has been invested by Tencent in car building, with zero experience valuation of 2 billion US dollars, and is also expected to be mass-produced next year.

On January 24, according to 36Kr, citing a number of people familiar with the matter, Rock Technology founder and CEO Chang Jing's car-making project Luoke Automobile has completed a new round of $100 million financing led by Tencent at the end of 2021.

Tencent, as the lead investor, has invested more than $50 million in this round of financing, while Changjing, who has no previous experience in car manufacturing, has been valued at $2 billion in its project Luoke Technology and is still in a new round of financing.

For this news, Luoke Automobile has not responded, and Tencent has not commented on it.

According to previous media reports, the car-making project of Stone Technology founder Changjing Luoke Automobile was launched at the end of 2020, and Stone Technology shareholders Gao Rong Capital and Northern Light Venture Capital have invested in the project in angel rounds. The first product of Luoke Automobile chose the same range extension route as ideal.

Subsequently, in May 2021, some media found that Stone Technology applied for the trademark of "Stone Intelligent Car", or related to Changjing's car-making project. However, at that time, Stone Technology responded that the car-making project was not directly related to Stone Technology, which was the personal behavior of Chairman Chang Jing, and Stone Technology would still be committed to the research and development of intelligent hardware.

In terms of stone technology's cash flow and business revenue, its revenue structure with intelligent businesses such as sweeping robots as the main body, as well as the overall scale of the company, is indeed difficult to support Changjing's car-making project. Its financial report for the third quarter of 2021 shows that the total revenue in the first three quarters of 2021 is only 3.83 billion yuan, and the operating net cash is 1.15 billion yuan.

Previously, Weilai CEO Li Bin and Xiaopeng Automobile CEO He Xiaopeng had said that if they wanted to build a car, 20 billion yuan was not enough to spend. Xiaomi, which announced its car construction in March last year, has only a preliminary investment of 10 billion yuan.

Chang Jing, who entered the "car-making tide" as the founder and CEO of Stone Technology, is an auto enthusiast, but he is still a novice with "zero experience" in the automotive field. In the context of the relative maturity of the new domestic car-making forces, Changjing, which has no financial advantages and is "starting from scratch", is bound to face many problems such as supply chain and hardware.

In addition, as the CEO of Stone Technology, Chang Jing also needs to be distracted from the business development of Stone Technology. At present, although Stone Technology is one of the star companies in the field of intelligent cleaning hardware, its market share still lags behind brands such as Coworth and Xiaomi, and it is facing the impact of new brands such as chasing, far from being able to sit back and relax.

Left-handed stone technology, right-handed Luoke car, Changjing's "two-line combat", the risk of lack of skill or a major concern for its car-making.

In addition, Jioupai found that Feilong Co., Ltd., which is engaged in the production of auto parts, issued an announcement in October last year to receive a letter of intent for cooperation from Shanghai Luoke Intelligent Technology Co., Ltd., which disclosed that it had become a partner of multiple parts of Luoke Automobile, and also revealed that the mass production event of luoke automobile project planned would start from 2023.

Xiaomi Automobile, which had an initial investment of up to 10 billion yuan, only announced in October last year that it was expected that the first car would roll off the production line and achieve mass production in the first half of 2024. In contrast, the founder of Stone Technology, Chang Jing, and his Luoke automobile, seem to have some over-confidence.

Zero experience in building cars, taking into account the management of stone technology, while obtaining a valuation of 2 billion US dollars, it is also in a hurry to start mass production next year. Chang jing, who started with sweeping robots, although he has won the temporary favor of Tencent, his dream of building a car may not be as optimistic as imagined?