Chinese electric vehicle startup Rox Motor Tech announced on September 22 that it has successfully completed a $1 billion fundraising round, with funding coming from the local aluminum producer Shandong Weiqiao Pioneering Group. This development marks the latest entry into China’s thriving electric vehicle (EV) industry. The announcement follows Shanghai-based Rox Motor Tech’s launch of the Polestone 01 plug-in hybrid sports utility vehicle a month ago. The Polestone 01, Rox’s first production model, is priced starting at RMB 349,900 ($47,893) and is scheduled for delivery in November 2023. Founded in early 2021 by Chang Jing, a serial entrepreneur and co-founder of Roborock, a robot vacuum cleaner maker backed by Chinese tech giant Xiaomi, Rox plans to utilize the funds raised to develop all-aluminum body vehicles and establish a new gigacasting die-cast process. Shandong Weiqiao, a privately-owned entity, previously invested in electric truck maker Deepway and acquired a production facility in the eastern city of Qingdao, where Rox’s first model is set to be manufactured. [Rox statement, in Chinese]