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ELV dismantling company gets USD 7.8 million in pre-A series funding

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Ben Gallagher
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On Nov. 23, APARTSMAN, an ELV end-of-life vehicle dismantling and processing company, received RMB 50 million USD 7.8 million in a round of pre-A series funding from Jiangsu Chenlong Group, boosting its valuation to USD 39 million.APARTSMAN, based in Beijing, has branches in places like Hong Kong, Guangzhou, America and Japan.

APARTSMAN s main businesses include intelligent vehicle dismantling by experienced overseas technicians and selling dismantled parts to developing countries through its e-commerce platform.

Zhu Jiangang, CEO of APARTSMAN, said the market for dismantled vehicle parts in China is expecting a surge in the near future, up to RMB 600 billion.

Dismantled parts and second-hand parts are the future of China s auto parts in the after-sales market, according to Zhu.

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Ben Gallagher
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