Electric vehicle producer WM Motor has received $446m in a Baidu-led round that will be used to enhance its core technology and drivng experience.
Internet group Baidu led a RMB3bn ($446m) series C round for China-based smart electric vehicle manufacturer WM Motor today, China Money Network reported.
Chinese government-backed fund-of-funds Taihang Industrial Fund and venture capital firm Linear Venture also participated in the round. WM did not disclose a valuation, but reports in October 2018 suggested it was set to raise RMB2bn at a valuation of more than RMB20bn.
Founded in 2015 and also known as Weltmeister, WM released its first vehicle, a…
