A leading car selling platform raises $200 million to lessen the impact of the COVID 19 pandemic

Chehaoduo group, which is the parent company to online used car platform Guazi and new car seller Maodou, completed a $200 million worth of funding from Sequoia Capital China and Softbank Vision Fund. The car selling industry is among the worst-hit sectors during the pandemic and is still somewhat undergoing a financial crisis. The company suggests the proceeds will go in the after-sales services as well as marketing expense to boost sales for both Guazi and Maodou.