China-based automotive marketplace SouChe has raised US$578 million in a funding round led by China-focused private equity and venture capital fund managers Primavera Capital Group and Morningside Venture Capital. Existing investors including e-commerce and technology conglomerate Alibaba Group Holding, investment firm Dreamfly Capital and private equity fund manager ClearVue Partners also participated in the round. SouChe plans to use the new capital to fund its research and development, expand its leasing program and improve its back-end technology.