Tencent and Baidu backed electric vehicle (EV) maker WM Motor has announced it has raised a RMB10 billion an equivalence of US$1.5 billion (at current rates) in a Series D round of funding in a press statement dated September 22, 2020.
The round of financing was patronized by Shanghai government funds and state-owned carmaker SAIC, Internet giant Baidu, SIG Asia Investments and several other equity firms owned by regional governments and equity firms.
The fresh funds will be heavily invested in research and development and marketing.
This round of financing by the makes WM Motor Series D round the second-largest fundraising round to have taken place within the EV automotive industry in China, after RMB11.1 billion (US$1.6 billion) raised by Chinese automotive company BAIC’s EV unit BJEV through a Series B round in 2017, according to Crunchbase data.
The round of financing also surpasses those raised by its peers Nio, Xpeng Motors, and Li Auto which raised between RMB 15 billion and RMB 20 billion before going public on US stock markets.
Founded in 2015 by Volvo China’s former chairman Freeman Shen, WM Motor as at 2019 has delivered 16,876 units of its first production model, the EX5. The entry-level crossover has a starting price of RMB 146,800. Nio delivered 20,565 units in 2019.