Baidu, Tencent and China Minmetals-backed electric vehicle producer WM Motor has raised $1.47bn in a series D round to support R&D, marketing and sales activities.
WM Motor, a China-based electric carmaker backed by corporates Baidu, China Minmetals and Tencent, raised RMB10bn ($1.47bn) in a series D round today co-led by automotive manufacturer SAIC Motor, according to TechCrunch.
An unnamed state-owned investment company co-led the round. A report from The Paper last week said Shanghai Automotive Industry, the parent company of automotive manufacturer SAIC Motor, had invested $73.1m.
WM Motor sells smart electric vehicles with features such as autonomous driving and connected electronics systems. It…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
