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Chinese truck rental will put almost 100 million yuan in a bag with Series B funding

Shanghai (Gas Goo)- TRUCK RENTAL, China’s logistics vehicle asset management service provider, recently completed a Series B funding round, raising nearly 100 million yuan ($ 14.962 billion), local media reported today.

Revenue is primarily used to increase capacity, improve technological R & D, and expand the company’s marketing team.

Completion of the new funding round marks a milestone in the development of the company’s battery replacement business.

Founded in Xiamen in 2014, TRUCK RENTAL has extensive experience in operating a closed-loop ecosystem that integrates logistics vehicle rental services, finance, sales, maintenance and online management. According to local reports, it has a fleet of 5,000 vehicles under its operation and control.

Prior to the B round, the company had already completed three funding rounds: the Pre-A round, the A round, and the A + round, according to information gathered by corporate data platform Tianyancha.

TRUCK RENTAL started developing the battery replacement business as early as 2020, and succeeded in developing a logistics vehicle equipped with a replaceable standard modular battery pack in the latter half of 2021.

Battery pack production line at Quan Cheng Dian’s Xuzhou plant.Photo credits; truck rental

The company is promoting the construction of battery production capacity. Quan Cheng Dian, a subsidiary of TRUCK RENTAL, will officially start production and operation at the Xuzhou plant on June 1, 2022, focusing on the research and development of battery-replaceable vehicle models and the production of products such as standard modular lithium-ion batteries. have started. Pack and battery replacement cabinet.

In addition, TRUCK RENTAL has developed a battery replacement station of just 1.2 square meters. Compact stations can be widely deployed in logistics parks, parcel delivery service outlets, gas refueling stations, and charging stations. Chinese truck rental will put almost 100 million yuan in a bag with Series B funding

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