Baidu-backed Chinese EV startup WM Motor raises $1.5 billion | The Mighty 790 KFGO | KFGO

Baidu-backed Chinese EV startup WM Motor raises $1.5 billion

Fargo, ND, USA / The Mighty 790 KFGO | KFGO

Sep 21, 2020 | 10:09 PM

BEIJING (Reuters) – Baidu-backed Chinese electric vehicle (EV) startup WM Motor said on Tuesday it has raised 10 billion yuan ($1.47 billion) in its latest funding round.

As enthusiasm builds for more climate-friendly vehicles, shares of EV makers, including Tesla Inc and Nio Inc , have surged in recent months and auto makers are looking to the markets for funds.

Shanghai-based WM’s local rivals Li Auto Inc

, Xpeng Inc are listed in New York.

Investors in WM’s latest funding round include Shanghai’s state-owned asset regulator’s investment firms and SAIC Motor <600104.SS>. WM did not disclose its valuation after the funding.

The funding will help WM further develop intelligent vehicle technologies and expand sales channels. The company is eyeing a STAR board listing and has started preparing for it, sources familiar with the matter said.

(Reporting by Yilei Sun and Brenda Goh; Editing by Shounak Dasgupta)