WM Motor nabs $152 million in D2 round financing

Shanghai (Gasgoo)- WM Motor announced on Dec. 1 it banked $152 million in a Series D2 round that was led by Chinese property developer Agile.

Photo credit: WM Motor

According to the automaker, the fresh funding raised $140 million from the leading investor Agile, while also attracted the firms like Brocade River Merchants Capital Limited as financial consultants.

Aside from the equity financing, WM Motor and Agile also signed an agreement for the in-depth strategic cooperation on branding, sales & service network, EV charging facilities, automobile & supply chain finance, after-sales services, as other businesses.

“By utilizing Agile's financial support, extensive brand influence, and strong off-line sales network, WM Motor is expected to gain greater presence in the ever-expanding smart all-electric car market,” said Freeman Shen, founder and CEO of WM Motor.

The startup announced in early October it closed the D1 round with over $300 million nabbed. Up until now, the money raised in the Series D round has amounted to $457 million and the total amount is anticipated to exceed $500 million.

The proceeds from the Series D financing will be used for the R&D of self-driving and other intelligence technologies, and the expansion of sales and service networks, said WM Motor.