China’s EV startup WM Motor expects to raise US$500 million

Beijing (Gasgoo)- China’s electric vehicle (EV) startup WM Motor Holdings Limited announced on October 5 that it expected to raise over US$300 million in Series D1 funding round, with another US$200 million coming in Series D2 round.

Photo credit: WM Motor

The D1 round was led by PCCW Limited ("PCCW") and Shun Tak Holdings Limited ("Shun Tak Holdings"), and participated by other investors including the US dollar investment arm of Guangfa Xinde Investment Management Co., LTD.

And the company will sign investment agreement with a few other famous international US dollar investment companies in Series D2 round, making the total fund raising up to US$500 million.

The proceeds will be used for the development of autonomous driving and other smart technologies and products, as well as the expansion of its sales and service channels for the users, to enhance its competitiveness in intelligent technologies and industry deployment.

In September, the registered capital of WM Smart Mobility Technology (Shanghai) Co.,Ltd., the parent company of WM Motor, slumped 42.99% to 689 million yuan (US$106.89 million). And its directors of the board decreased from 12 members to 4. A source told a local media outlet that the company was likely to start a new funding round in the fourth quarter for potential overseas listing.

Monthly sales of WM Motor surged 115.8% year on year to 5,005 vehicles in September while its quarterly sales hit a new high with 13,378 vehicles sold. By September sales, the company was outsold by NIO (10,628 vehicles), XPeng (10,412 vehicles), Li Auto (7,094 vehicles) and Hozon (7,699 vehicles).