While the country is leading a global contraction in VC investment, its auto sector has taken the top spot for funding so far this year, with more than 147 deals amounting to US$5.95 billion (S$8.5 billion), according to data from research firm Preqin.
Much of that has been from capital flowing into EVs, with batteries and semiconductors - two other high-growth sectors in the new-energy vehicle chain - in fourth and fifth place.
All three have logged more deals than in 2021, while fund-raising for once-hot industries like Internet businesses, education and real estate has fallen off a cliff.
The biggest deals this year include Changjiang Capital's US$1.57 billion bet on a high-end electric car start-up founded by Renault China chief executive Soh Weiming and a US$1.17 billion Series A round for Sunwoda's EV battery unit, driven by investors including Shenzhen Capital Group and National Green Development Fund Management, according to Preqin.
This story is from the October 17, 2022 edition of The Straits Times.
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This story is from the October 17, 2022 edition of The Straits Times.
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