Shanghai (Gasgoo)- At the EmTech China conference held in Beijing on January 28, Louay Eldada, CEO and co-founder of Quanergy Systems, said in an interview that the company’s biggest production base will be located in China.
The company will produce LiDAR in Sensata’s, its strategic partner, factory in Suzhou and are expected to have an annual production capacity of 10 million sets, which may be expanded into 100 million, subject to market demands. As long as Quanergy shifts its production focus to China, the largest auto market will also become the largest LiDAR production base around the world.
Besides, Quanergy is likely to announce new round of financing in the coming 3 months while the main investors will come from China. The sum of new round financing will exceed that of last round. In the third quarter of 2016, Quanergy raised a total of 90 million dollars and the valuation is up to 1.59 billion dollars at that time.
Currently, the S3 LiDAR has been put into production in its factory in Silicon Valley with an annual output of about 1 million sets. However, America is not the most important production base of Quanergy, according to Eldada. China is the preferred for the future large-scale mass-production plan.
Eldada feels optimistic about the future of autonomous vehicle in China and will cooperate with local suppliers. At the same time, China market and investors also welcome Quanergy and the company will also recruit local talents to form positive cycle. For example, the company has set up the largest office in Shanghai apart from its headquarters.
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