Top stories of WM Motor in 2020

Shanghai (Gasgoo)- Chinese EV startup WM Motor delivered 22,495 new vehicles in 2020, a remarkable year-on-year growth of 33.3%. Notably, its quarterly deliveries reached a record high of 8,609 units in the fourth quarter last year.

Photo credit: WM Motor

The startup also vigorously pushed ahead with its roll-out of new production, financing progress as well as the technology deployment. Let’s review the noteworthy stories for WM Motor's 2020.

WM Motor unveils 3rd model powered by Baidu's Cloud AVP

At the 2020 Apollo Ecosystem Conference, WM Motor unveiled its third smart all-electric SUV that boasts Level 4 autonomous driving capabilities in specific senarios, according to a posting on the startup's WeChat account.

Jointly developed by WM Motor and Baidu Apollo, the new model adopts fire-new Electrical/Electronic Architecture and will be armed with the Baidu's Cloud AVP (automated valet parking) system. In terms of hardware, the SUV is mounted with Qualcomm Snapdragon 8155 chips using 7nm process technology, 5G base band, the autonomous driving domain controller the automaker develops in-house as well as 5 77GHz millimeter-wave radars, 5 cameras and 12 ultrasonic radars. 

WM Motor invests in Hunan-based software tech company

WM Motor Technology Group Company Limited (WM Motor) 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.

WM Motor kicks off pre-listing tutoring procedure

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 served as the tutoring institution, a local media outlet reported on October 13.

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

WM Motor raises 10 bln yuan for D round financing

WM Motor announced on September 22 the completion of its Series D round financing, which raised 10 billion yuan ($1,472,862,000) in total, the highest-ever amount for a single round of fundraising launched by EV startups.

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

Over the next three to five years, WM Motor would 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.

WM Motor delivers its 30,000th EX5 Smart

On 6 July, WM Motor achieved a new milestone in its development, the delivery of its 30,000th EX5 smart, pure electric SUV. This occasion marked a historic moment both for WM Motor and for China's electric vehicle industry. In reaching this milestone, WM Motor has become the first Chinese pure electric vehicle (EV) startup to have surpassed 30,000 sales of a single vehicle model.

WM Motor's positive sales trend can be attributed in large part to the expansion of its national retail network, made up mostly of stores operated by the Company's Smart Mobility Partners (SMP's), who exclusively manage the sales and delivery process for WM Motor’s vehicles.

WM Motor's Wenzhou base rolls out first EX6 Plus BEVs after production restarts

On Feb. 27, WM Motor saw its first batch of EX6 Plus BEVs rolled off the production line at the Wenzhou-based intelligent manufacturing base after the plant restarted production.

Due to the coronavirus outbreak, most automakers in China are forced to extend the shutdown of their operation and manufacturing business. After resuming production on Feb. 21, the Wenzhou base, including complete vehicle and battery pack factories, was running full steam ahead.