Baidu, Tencent compete to be lead investor of WM Motor

Shanghai (Gasgoo)- WM Motor is plannning a financing round for 1billion yuan. This round of financing is led by Baidu and Tencent is striving to be another leading investor.

WM Motor was established in December 2015, with its orientation of new energy automobile company and a travelling service provider. Unlike other founding team of new energy automobile, Shen Hui, the founder of WM Motor has a profound experience in car industry. Before he started his own business, he was the vice president of Geely Holding Group and dominated the merger and acquisition of Volvo, which so far, is the biggest transnational mergers & acquisitions among Chinese Car Company.

The reason why he left Volvo was also widely circulated on the Internet, he once declared that it is impossible for traditional car manufacturers to make intelligent cars and he wants to make WM Motor to be another famous car company like Tesla.  

WM Motor is so low-pitched that it has never made its financing information to the public. In August 2016, Shen Hui said that WM Motor has obtain 1 billion dollars from A round financing , however, the names of these investors were “not at liberty” to disclose.

“From the view of investors, the founder of this company plays a crucial role. Since Shen Hui has experience in supply chain management, an core part in new energy vehicle segment, it is also the advantage of WM Motor. He has absolute advantages over other entrepreneurs in both the accumulation of car industry and the interpersonal connections.” the partner of Martec, Guo Kai said to the journalist.

“The speed and condition of WM Motor is on a good pace and it enjoys good reputation as well. The industry supposes that it will launch its new product next year, which is one of the factors valued by its investors.” Said Guo Kai.

On December 23, 2016, WM New Energy Vehicle Intelligent Industrial Park was founded in Wenzhou Oujiangkou. In 2016, the auto parts pilot plant and the autonomous driving pilot zone have  started first. After reaching full capacity, it will have an annual production capacity of 200,000 new energy intelligent cars. Shen Hui said in an interview that the fixed asset investment on Wenzhou factory was 6.7 billion yuan.

During the Shanghai Auto Show 2017, WM Motor’s first concept car "AG2020" made its debut, and Shen Hui said that the first mass-produced car will roll off the production line in 2018. On November 7, it is reported that WM Motor is in preparation for a financing round for about 1 billion yuan.people familiar with the fact said r that the financing is still under way and financial details cannot be announced and the final amount of financing and investors has not yet finalized.