Chinese start-up WM Motor Technology Group said on Tuesday that it had completed a 10 billion yuan (US$1.5 billion) round of fundraising, riding the wave of investor enthusiasm for electric vehicle makers. The Series D round of financing was led by a Shanghai state-owned investor group, including SAIC Motor. Baidu and Susquehanna International Group added to their investments in WM Motor.
A recovery in China’s car market, the world’s biggest, from the damage of the coronavirus pandemic has fuelled an upsurge in the market capitalisations of Chinese electric vehicle makers such as NIO, Xpeng, and Li Auto. “The completion of the D round of financing reflects investor optimism about the prospects of the smart new energy vehicle industry, as well as their recognition of WM Motor’s long term development strategy, outstanding core team and industry-leading, cutting-edge technology,” said Freeman Shen, the founder and CEO of WM Motor.
State-owned investment institutions from Anhui, Jiangsu, Hubei and Hunan provinces as well as strategic investors including Yangtze River Industry Fund, State Development & Investment Corporation, Guangzhou Finance Holdings Group, Sino IC Leasing, Tsinghua Unigroup, Hongta Security, Agile, and Yingke Capital all took part in the round. WM Motor has attracted capital from domestic and foreign investors, industrial investors, internet giants, national funds and venture capital funds.