The electric vehicle producer received $73.1m from SAIC's parent company as it reportedly mulls an initial public offering that could value it at $4.3bn.

Shanghai Automotive Industry, the parent company of automotive manufacturer SAIC Motor, has invested RMB500m ($73.1m) in China-based electric carmaker WM Motor, according to Yicai Global, citing a report in The Paper.

WM Motor produces smart electric vehicles under the Weltmeister brand that include features such as autonomous driving systems and connected electronics systems. It also provides a mobile app called GETnGO that can arrange and pay for vehicle charging.

News of the investment comes after Bloomberg reported in July this…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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