The EV producer has disclosed $305m series D1 and $152m series D2 rounds that collectively included Agile Group, PCCW and Shun Tak.
China-based electric vehicle (EV) manufacturer WM Motor secured $152m in a series D2 round led by property developer Agile Group yesterday, disclosing $305m in series D1 funding at the same time.
The company closed its series D1 round last month, and it was co-led by music and video streaming platform operator PCCW and property, logistics and investment group Shun Tak. They were joined by investors including Guangfa Xinde Investment Management’s dollar-denominated fund.
Founded in 2015, WM Motor produces autonomous driving and smart connectivity-equipped EVs, having already sold about 80,000 units. It runs two fully-owned automated factories that work alongside its research and development team to deliver safe and personalised models.
Automotive manufacturer SAIC Motor and an unnamed state-backed vehicle co-led a $1.47bn series D round for the company in September 2020, SAIC Motor’s parent firm Shanghai Automotive Industry reportedly providing $73.1m for the deal.
Internet group Baidu had…
