Kong Hui Automobile's valuation exceeds US$1 billion

Lu Energy Harvest has seen the unremitting efforts and brilliant achievements of Kong Hui Automobile in the domestic substitution of air suspension, and participated in Kong Hui Technology's Series C financing in September 2023. With its deep accumulation and technological innovation, Kong Hui Technology has become Lu Energy Harvest's first unicorn project with a market value of over US$1 billion. Four or five years ago, German suppliers exported a complete air suspension system plus electronic shock absorbers to China at a price of 10,000 to 15,000 yuan, and charged hundreds of millions of yuan in development costs for a car model. In comparison, Kong Hui only needs 10-30 million yuan to develop a car model, and it is not only a matter of product price, but also better cooperation in technology and service. Kong Hui's supply price used to be about 70% off that of foreign manufacturers, and now overseas manufacturers are also cutting prices.