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 the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
