Chinese electric vehicle startup WM Motor simply swiped an outsize investment to sustain development in a competitive landscape increasingly desirable by foreign competing Tesla. The five-year-old business raised 10 billion yuan ($ 1.47 billion)in a Series D round, it revealed on Tuesday, which will pay for research and advancement, branding, marketing and growth of sales channel. WM Motor, backed by Baidu and Tencent,is one of the highest funded EV start-ups in China alongside NIO, Xpeng and Li Vehicle, all of which have gone public in New york city. With its latest capital increase, WM Motor might be preparing for a going public
. As Bloomberg’s sources in July said, the business was weighing a listing on China ‘s Nasdaq-style STAR board as quickly as this year. Days before its funding news, WM Motor unveiled its key partners and providers: Qualcomm Snapdragon’s cockpit chips will power the start-up’s in-cabin experience; Baidu’s Apollo self-governing drivingsystem will offer WM lorries self-parking ability; Unisplendour, rooted in China’s Tsinghua University, will take care of the hardware side of autonomous driving; and lastly, incorporated circuit company Sino IC Leasing will work on”vehicle connectivity “for WM Motor, whatever that term entails. It’s not unusual to see the new generation of EV makers seeking external partnerships given their minimal experience in manufacturing. WM Motor’s rival Xpeng likewise works with Blackberry, Desay EV and Nvidia to provide its wise EVs. WM Motor was established by vehicle veteran Freeman Shen, who previously held executive positions at Volvo, Fiat and Geely in China. The startup recently revealed an ambitious plan for the next 3-5 years to allocate 20 billion yuan($2.95 billion) and 3,000 engineers to work on 5G-powered smart cockpits, Level-4 driving and other futuristic vehicle technologies. That’s a huge piece of the start-up’s overall raise, which is estimated to be north of$3 billion, based on Crunchbase data and its
newest funding figure. Regional governments are frequently seen rooting for business partaking in China’s tactical markets such as semiconductors and electrical automobiles. WM Motor’s newest round, for instance, is led by a state-owned financial investment platform and state-owned carmaker SAIC Motor, both based in Shanghai where the start-up’s head office
resides. The city is also home to Tesla’s Gigafactory where the American huge churns out made-in-China cars. In July, the Chinese EV upstart provided its 30,000 th EX5 SUV lorry, which comes at about$ 22,000 with state aid and includes the similarity in-car video streaming and air purification. The company declared that parents of young children account for nearly 70 %of its customers. Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.