Shanghai (ZXZC)- On January 22, China's automotive new retail platform, Huasheng Haoche, announced that it had raised 650 million yuan in a new financing round, which was led by local state-owned asset divisions.

Photo credit: Huasheng Haoche

The funds, earmarked for expanding the company's sales network, accelerating the deployment of new energy vehicle stores, and optimizing/upgrading information systems, mark a significant step in propelling the platform's innovation and development in the automotive new retail sector.

Building upon its eight years of establishment, Huasheng Haoche has been strategically focusing on third to fifth-tier markets in China, employing a business model combining "direct operation + direct leasing + direct procurement." This approach has not only reshaped the distribution network but also redefined the landscape of car consumption in the new retail sector, the company said. With over 600 direct-operated chain sales stores and 26 major central warehouses nationwide, the company has established its presence in more than 300 cities.

Following the successful financing, Huasheng Haoche said it is set to deepen its channel construction, diversify collaborations with automotive brands, and further increase its market share.