Dreame closes 1st funding round for EV business
Dreame has completed its first round of funding for its EV unit, just two weeks after officially announcing its entry into car-making.
- Dreame has completed its first round of funding for its EV unit, just two weeks after officially announcing its entry into car-making.
- Dreame's first model will be an ultra-luxury pure electric vehicle designed to rival the Bugatti Veyron, with a planned debut in 2027.
Dreame Technology, a Chinese brand known for its robot vacuum cleaners, has secured its first round of funding for its electric vehicle (EV) business, only two weeks after formally declaring its foray into car manufacturing.
Chinese tech outlet Sina Tech reported the funding today without disclosing the amount or investor details.
Securing this funding signifies capital recognition of Dreame's automotive strategy -- "China R&D, Germany manufacturing, global sales", the report cited the company as saying.
The company said that its brand, technology, and global distribution channels will provide robust support for its automotive unit.
Dreame is scouting a factory site adjacent to Tesla's (NASDAQ: TSLA) German facility, with the planned plant expected to be 1.2 times larger than Tesla's Berlin factory, the report noted.
Founded in December 2017, Dreame is headquartered in Suzhou, Jiangsu -- a city neighboring Shanghai.
Its product portfolio spans robotic vacuum cleaners, cordless vacuums, smart floor scrubbers, high-speed hair dryers, and robotic lawn mowers, sold in over 120 countries and regions, according to its website.
On August 28, Dreame formally announced its entry into vehicle manufacturing -- a rare newcomer to the sector amid China's tightening of auto production qualifications in recent years.
Dreame's first model will be an ultra-luxury pure-electric vehicle competing with the Bugatti Veyron, slated for a 2027 debut, according to a statement at the time.
On September 8, Dreame founder and CEO Yu Hao led a team to Germany to scout factory locations for vehicle production, per a Dreame press release earlier this week.
On September 10, Yu shared three renderings of Dreame's first model in his WeChat status, stating the prototype would debut at the next CES in the US.
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