Shanghai (Gasgoo)- WM Motor Technology Group Company Limited (WM Motor) has acquired 15% stake in a Hunan-based software tech company, joining the growing number of automakers that attempt to get a foothold in software domain.
Dubbed Hunan Hengwei Zhixing Technology Co.,Ltd., the subsidiary was founded on Nov. 19 and involves a registered capital of 500 million yuan ($76,046,800). Its line of business extends to cover the development of Internet and IoT (Internet of Things) technologies, the development and construction of e-commerce platform, and the R&D of automotive charging, energy-saving and energy management system and equipment.
Prior to WM Motor, Baoneng Motor, the car-building unit of Chinese property conglomerate Baoneng Group, also announced the establishment of automotive software company earlier this week.
Photo credit: WM Motor
The startup touts the intelligence and technology attributes of its products. In early Sept., it launched the all-new technology strategy “IdeaL4” to build an intelligent ecosystem that integrates users, cars and environment. The launch the strategy means WM Motor's partnership with Qualcomm, Baidu, Tsinghua Unigroup and SINO IC Leasing was formed to build future-oriented intelligent mobility terminals.
WM Motor announced on September 22 the completion of its Series D round financing, which raised 10 billion yuan ($1.521 billion) in total, the highest-ever amount for a single round of fundraising launched by EV startups.
Over the next three to five years, WM Motor will gather 3,000 finest engineers worldwide to rapidly put its forward-looking technologies into the use of mass-produced products and services sitting in mainstream price ranges and manufacture the “Everything Connected” mobility terminals befitting the Chinese-spec users' demands and road conditions, the startup said.
Shanghai Securities Regulatory Bureau exposed in Oct. WM Motor was receiving pre-listing tutoring and planned to go public at the Science and Technology Innovation Board in early 2021.
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