Automotive News   |   Automotive News Europe   |   Autoweek   |   Automobilwoche

Automotive News China Newsletter
Register our free newsletter, sent each Monday and Thursday

     Automakers   Suppliers   Auto Show   Comment   Car Cutaway   Newsletters   Press Releases   Chinese Version   Register for Newsletter
  Contact Us:   Editorial   Advertising   Subscription Information   |   About Us   Media Kit
Home >> Automaker Email this story   Print this story
Freeman Shen, MW Motor's founder
Baidu to help fund Chinese EV start-up WM Motors
Reuters | 2017/12/8

BEIJING -- Chinese electric vehicle startup WM Motor Technology Co. will receive a sizable investment from a group led by Baidu Capital, WM Motor¡¯s CEO told Reuters.
Freeman Shen, who left Zhejiang Geely Holding Group Co. to establish WM Motor, said the investors also include Chinese venture capitalist Amiba Capital and U.S. trading firm Susquehanna International Group LLP.
Shen, in a telephone interview on Tuesday, declined to discuss the size of the investment. Two people familiar with the matter told Reuters the figure was in the billions of yuan.
The automaker has raised 12 billion yuan ($1.81 billion) during its three-year life, Shen said.
¡°The whole project probably needs about 20 billion yuan, so we have a bit more fundraising to do,¡± he said.
WM Motor is one of several Chinese-funded EV startups that are counting on local production to compete with EV maker Tesla Inc., which has to import cars from the United States and pays a 25 percent tariff.
Tesla is discussing an assembly plant in Shanghai with municipal officials, but has yet to announce plans.
Other Chinese EV startups include Future Mobility Corp. with its Byton brand, and Singulato Motors.
All-electric cars from WM Motor and others are not scheduled for launch until next year. They hope to compete with Tesla¡¯s first mass-market car, the Model 3 sedan.
WM Motor¡¯s Shen said he will start taking orders for the company¡¯s first model, an all-electric SUV, during the Beijing auto show in April.
Low-volume production will begin in the first quarter of next year at WM Motor¡¯s assembly plant in the east China city of Wenzhou. The plant eventually will produce up to 100,000 vehicles a year.

Related Stories
  • EV, plug-in hybrid sales continue surge in June
  •     --Published:2018/17/7
  • BYD to offer financial leasing for electric buses in U.S.
  •     --Published:2018/17/7
  • BMW to join board of Baidu's autonomous driving platform Apollo
  •     --Published:2018/13/7
  • China eyes more cuts in EV subsidies
  •     --Published:2018/10/7
  • BJEV starts battery-swap service
  •     --Published:2018/6/7
  • Baidu, King Long begin mass output of China's first fully autonomous vehicle
  •     --Published:2018/6/7
  • China's unbridled EV push wreaks havoc on battery makers
  •     --Published:2018/6/7
  • GM upgrades, extends range of micro EV
  •     --Published:2018/3/7
  • Ford, Baidu to develop vehicle infotainment systems for Chinese customers
  •     --Published:2018/29/6
  • Jaguar Land Rover preps made-in-China EV
  •     --Published:2018/29/6
  • Changan breaks ground on 20 billion yuan EV plant in Nanjing
  •     --Published:2018/26/6
  • BYD, U.K. partner to supply 37 electric double-deck buses to London
  •     --Published:2018/26/6
  • Jack Cheng: From Ford to FCA to Chinese EV upstart Nio
  •     --Published:2018/26/6
  • Electrified vehicle demand expected to top 1 million in 2018
  •     --Published:2018/19/6

    Our Newsletter Editions
    Automotive News China produces two email newsletters each week. You can sort your news by the articles highlighted in each of our newsletters here.

    Select your newsletter     


    Automotive News China
    Room 1303, Building 2, Lane 99, South Hongcao Road,
    Shanghai 200233
    Telephone: 86-139-1851-5816
    Fax: 86-21-6495-0895
    Home | Help Center | About Us | Privacy Policy | RSS
    Entire contents © Crain Communications, Inc.
    Use of editorial content without permission is strictly prohibited. All Rights Reserved.