On Wednesday, NASN Automotive Electronics (NASN), a manufacturer of chassis electronic control components, completed a C round of financing worth 500 million yuan ($78.47 million), which was jointly invested by BOCG Investment, GL Ventures, CATL and CMG-SDIC Capital.
Tao Zhe, founder of NASN, revealed that the company has reached agreements with many leading automakers such as BAIC New Energy, BYD, Changan Automobile, and Great Wall Motors. The company claims to have abundant orders, and is accelerating the expansion of its manufacturing bases.
After this round of financing, NASN will work with its partners to strengthen new product development, production investment and customer service.
Founded in 2016, NASN focuses on the R&D of core technologies related to automotive chassis, intelligent driving and new energy vehicles. The company integrates R&D, production and sales.
Its core products include the NBooster smart brake system, ESC electronic stability control system, NBC integrated smart brake system, EPS smart steering system and automated driving L3/L4 level chassis driven-by-wire solutions.
In 2018, NASN mass-produced its first NBooster product in China, which was earlier than the same kind of products made by foreign leading companies.
At present, Bosch is the predominant manufacturer in the field of chassis control, with a market share of around 70%. Several other foreign-funded Tier 1 suppliers account for most of the remaining 30%. However, with the rapid development of new energy vehicles, automated driving and other related fields in China, opportunities are opening domestic automobile enterprises.