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EV startup WM Motor raises another 3 billion yuan
Automotive News China | 2019/3/12

WM Motor, an electric vehicle startup founded by former Volvo Car Corp. China President Freeman Shen, secured investment of 3 billion yuan ($446 million) from three domestic companies last week. 

VM Motor plans to use the capital for r&d and enhancing customer experience. 

The three investors are technology giant Baidu and two private equity firms -- Taihang Industry Investment Fund and Linear Venture. 

WM said it has raised 23 billion yuan from external investors. 

WM was incorporated in Shanghai in 2016 with initial investors including Baidu and another leading domestic technology company, Tencent, as well as U.S. trading firm Susquehanna International Group.

Sales of its first product, the EX5 electric crossover, began in September, with a starting price of 186,550 yuan before government subsidies. 

Monthly sales of the vehicle reached 2,005 by January, according to WM.   

The companyí»s next product, the EX6 electric coupe, will be launched later this year. 

WM has an assembly plant in the east China coastal city of Wenzhou, which can produce 100,000 vehicles a year at full capacity.

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