WM Motor kicks off pre-listing tutoring procedure

Shanghai (Gasgoo)- WM Smart Mobility Technology (Shanghai) Co., Ltd. (called “WM Mobility” for short), the parent of Chinese EV startup WM Motor, started its pre-listing tutoring procedure on September 30 and China Securities will serve as the tutoring institution, a local media outlet reported on October 13.

The startup revealed it is ready to go public on China's science and technology innovation board (STAR Market) in 2021.

Bai Yiyang, an analyst at CMB International's research institute, said the market sentiment of automobile and NEV units recently goes high in capital market. Investors and analysts are upbeat about NEV's sales and prospect in capital market since the second half of 2020.

According to China Association of Automobile Manufacturers (CAAM), automakers in China sold 138,000 new energy vehicles (NEVs) in September, a year-on-year hike of 67.7%. “Thanks to governmental supports over NEV consumption and companies' powerful endeavors, China's NEV market achieved generally stable growth while making further progress and attained a new record-breaking Sept. sales figure”, said Chen Shihua, vice secretary-general of the China Association of Automobile Manufacturers.

Benefitted from the better NEV market climate, major Chinese EV startups have successively closed new rounds of financing, while posting sound sales growth.

WM Motor reported a sales volume of 2,107 vehicles for the month of September, achieving month-over-month growth for the seventh month in a row. During the third quarter, the company saw its sales surge 79.3% year on year to 6,200 units, a new record high in terms of quarterly sales.

On September 22, WM Motor announced the completion of its Series D round financing, which raised 10 billion yuan ($1,488,937,000) in total, the highest-ever amount for a single round of fundraising launched by EV startups.

The proceeds from the financing will be primarily used for the R&D of intelligent technologies, brand construction, digital marketing and sales channel expansion.