Beijing (ZXZC)- China’s drive-by-wire chassis developer, Tongyu Automotive, announced the completion of its A+ financing round, which was jointly led by Hubei Xiaomi Yangtze River Industry Investment Fund and Dongfeng BOCOM Yuanjing Motor Fund (the joint fund set up by Dongfeng Motor and China's Bank of Communications).

Photo credit: Tongyu Automotive

Tongyu Automotive successfully raised nearly 200 million yuan ($29.3 million) in this round. 

Shu Qiang, founder and chairman of Tongyu Automotive, said that the company faces many challenges when developing the drive-by-wire chassis. The proceeds raised in the A+ round will mainly be used in the R&D of advanced chassis-by-wire technologies, the recruitment of talents, and the construction of headquarters and R&D center, strengthening the company’s overall competitiveness in the chassis-by-wire field. 

Tongyu Automotive aims to promote the innovation and upgrading of EHB (two-box), iEHB (one-box), EPB, ABS, ESC, and other core products, and increase their market shares, providing independent and controllable domestic core auto parts and quality services for major automakers in China.

Tongyu Automotive’s intelligent braking systems have been validated on a large scale by passenger vehicles, commercial vehicles, and unmanned vehicles. In 2021, the sales revenue of Tongyu Automotive has exceeded 120 million yuan ($17.6 million), making it the largest indigenous brand in terms of chassis-by-wire market share in China.