Tencent participates in new financing round of WM Motor

Shanghai (Gasgoo)- WM Motor is reported to have closed another round of financing recently. The round has four participants, including China Structural Reform Fund Corporation Limited, China Minmetals H.K (Holdings) Limited, Sequoia Capital China and Tencent. Up to now, WM hasn’t revealed the details of the financing.

At the same time, it is also said that WM has reached a comprehensive strategic cooperation agreement with Chengtong Capital, a state-owned capital enterprise, and also the company will cooperate with China Minmetals in strategy and capital.

Freeman Shen, founder, chairman and CEO of WM, said that the support from the investors will speed the implementation the company’s new energy vehicle strategy and improve the ability to provide the public with better travelling service. “Tencent’s participation will help improve WM’s intelligence with the internet giant’s extensive resources in connectivity and content.” The capital cooperation with Chengtong and China Minmetals will be conducive to WM’s layout in the whole industry chain.

WM, a Chinese start-up, is committed to providing mass-produced smarter electric vehicles. From its establishment, WM aims to promote the mass production and application of electrification technology and intelligence technology in auto industry. For the moment, WM has formed strategic cooperation relationships with many global companies such as Baidu, Tencent, Huawei, Mobileye, and Bosch.

The first mass-produced model, EX5, is a battery electric and intelligent SUV with a starting price of about RMB 200,000. The SUV boasts a maximum range of 600km and features rich intelligent interaction functions. WM will start the production of EX5 in the first quarter of 2018 in its intelligent manufacturing factory in Wenzhou of Zhejiang province. The company plans to deliver the vehicles to domestic customers in the second half of next year.