EM Enovate Motors Electric vehicles Β· China
π Dead / Bankrupt
PeakΒ $1.85 Billion Today
~-100%
from peak
π¦
Became a unicorn
2018
π
Peak valuation
$1.85 Billion β21
π
Became a Unitard
2023
πΈ
Last valuation
Wiped out
π₯ Raised & burned
$569K/day
Burned Β· 8.0y alive
Funding: Crunchbase/Tracxn
Current status
Official closure (2024); collapsed April 2023 with showroom shutdowns and unpaid wages
The rise & fall 7 moments Β· 2015β2024 The key moments.
2015
2015
Founded as Dearcc
Starts life as budget-EV brand Dearcc (η΅ε), chasing China's electric wave.
CnEVPost
2018
2018
Reborn as Enovate β and a unicorn
The budget badge gives way to premium smart-EV ambitions as the valuation clears $1B.
CnEVPost
Oct 2020
Oct 2020
5 billion yuan of state money
State-owned banks and government guidance funds pile in, lifting total funding toward $1.67B.
DealStreetAsia
2021
2021
The peak: $1.85B, IPO-bound $1.85B
Valued near $1.85B while preparing a 2021 listing that never happens.
Tracxn
2022
2022
The ME7 doesn't sell
The flagship SUV finds few buyers as China's EV price war crushes second-tier brands.
CnEVPost
Apr 2023
Apr 2023
Showrooms dark, wages unpaid β joins the Unitard Club π
Operations collapse in April 2023: salaries stop and stores shut their doors.
CnEVPost
2024
2024
Official closure
The company is formally wound up β another casualty of the EV shakeout.
CnEVPost
$1.85B of peak value erased Β· 8 years
How it happened Enovate Motors (倩ι
汽车), which began as budget-EV maker Dearcc before rebranding in 2018, was a smart-EV unicorn that raised roughly $1.67B β including a 5-billion-yuan round in October 2020 from state-owned banks and government guidance funds β at a valuation near $1.85B while preparing a 2021 IPO that never happened.
Its ME7 SUV failed to sell in China's price war; showrooms closed and salaries went unpaid in April 2023, and the company officially shut down in 2024, another second-tier casualty of the EV shakeout.
Source: CnEVPost / DealStreetAsia / Tracxn (smart-EV unicorn; raised ~$1.67B incl. 5B-yuan round Oct 2020, ~$1.85B valuation, IPO-bound 2021; showrooms closed and wages cut Apr 2023; official closure 2024)
The rise and fall of billion-dollar startups. Follow Unitard for the stories behind the numbers.
Founder ZH Zhang Hailiang
Founder, Chairman & CEO
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