China’s WM Motor has completed its Series D Round of funding, totalling RMB 10 billion ($1.5 billion), the largest single round of financing among all automotive start-ups in China.
The funding round was led by jointly led by a Shanghai state-owned investor group, including SAIC Motor (‘SAIC’), eCommerce giant Baidu and Susquehanna International Group (‘SIG’).
The Chinese EV maker says it will use the investment to fund intelligent technology research and development, brand building, digital marketing and channel expansion.
The company says the investors will help it ‘accelerate the advent of forward-looking technology including mass-produced automotive-based 5G technology, autonomous driving, and more efficient and powerful e-powertrain systems’.
Freeman Shen, the Founder, Chairman and CEO of WM Motor, says: “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.”
WM Motor recently announced the delivery of its 30,000th EX5 smart, pure electric SUV. The company is the first Chinese pure electric vehicle start-up to have surpassed 30,000 sales of a single vehicle model.