WM Motor completed the largest single round of financing among all automotive startups in China, with a Series D funding round, totaling RMB 10 billion ($1.47 billion).
The funding round was jointly led by a Shanghai state-owned investor group, including SAIC Motor. Baidu and Susquehanna International Group added to their investments in the Company through the provision of fresh equity commitments. State-owned investment institutions as well as other strategic investors also participated in the round.
The funding will be used for research and development, branding, marketing and expansion of its sales channel. Moreover, the investors will actively cooperate with WM Motor to jointly build a new, integrated ecosystem of industrial investment that will accelerate the advent of forward-looking technology including mass-produced automotive-based 5G technology, autonomous driving, and more efficient and powerful e-powertrain systems.