Tencent and China Minmetals have contributed to a round for smart EV developer WM, which already counted Baidu and SIG as investors.
China-based electric vehicle (EV) developer WM Motor has raised an undisclosed amount from internet group Tencent and Wukuang Capital, a subsidiary of metals trader China Minmetals, China Money Network has reported.
Venture capital firm Sequoia Capital China and China Structural Reform Fund, the $750m fund set up by Chinese state-owned enterprises in August this year, also participated in the round. Tencent and Sequoia China are also investors in another domestic EV developer, Nio.
Internet company Baidu, technology and trading firm…
