Chinese Tesla challenger WM Motor completes US$1.5 billion financing as it looks to tap growing electric car demand
- The Series D round of financing was led by a Shanghai state-owned investor group, including SAIC Motor
- Baidu and Susquehanna International Group topped up their investments in WM Motor
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.
“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.
Founded in 2015, WM Motor designs, manufactures and markets affordable battery electric vehicles under the Weltmeister brand. Headquartered in Shanghai, the company has a manufacturing facility in Wenzhou, Zhejiang province, equipped with mass customisation capability and a capacity of 100,000 units per year. Another manufacturing facility is under construction in Huanggang, Hubei province.