Enovate Motors
Electric vehiclesChina
π Dead / Bankrupt
PeakΒ $1.85 BillionToday
~-100%
from peak
- π¦Became a unicorn2018
- πPeak valuation$1.85 Billion β21
- πBecame a Unitard2023
- πΈLast valuationWiped out
π₯ Raised & burned
$1.67B
Total raised
$569K/day
Burned Β· 8.0y alive
Funding: Crunchbase/Tracxn
Current status
Official closure (2024); collapsed April 2023 with showroom shutdowns and unpaid wages
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)
