Chinese new energy vehicle startup Letin announced on Monday the completion of its Series A financing, which raised for the company a total of 3.2 billion yuan ($446.896 million).

According to the company’s press release, the fresh round was led by Weifang Weicheng West Investment and Development Group, Shandong province. The proceeds will be mainly used for the complete vehicle R&D, marketing business, expansion of sales and service channels, production capacity construction, as well as other businesses. The funds will be gradually put in place from the end of Nov. 2022.

Letin said the completion of the Series A round demonstrates the capital market’s confidence in the development of the NEV industry.

After this financing round, Letin will initiate a follow-up round of funding depending on the specific situations, the company added.

Headquartered in Shandong province, China, Letin specialized in producing low-speed electric vehicles since its inception in 2008. Through the acquisition of the Sichuan-based car manufacturer Yema Auto in 2019, Letin was granted the governmental permission to manufacture electric passenger vehicles. Focusing on the A00-segment small-sized full-electric vehicles, its product lineup currently has such models as the Letin Mengo, the Letin Mengo Pro, and the Letin Mengo Max.