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IM Motors inks agreement for Series A equity financing

Monika From Gasgoo| August 02 , 2022 19:16 BJT

Shanghai (Gasgoo)- IM Motors, the premium electric vehicle joint venture among SAIC Motor, Alibaba Group, and Zhangjiang Hi-Tech, announced on Monday it had signed an agreement for its Series A equity financing. Upon completion of the first round of market-based funding, the EV maker will see its valuation grow to nearly 30 billion yuan ($4.439 billion).

The significant round was led by BOCOM Capital Management Co., Ltd. (“BOCOM Capital”), the equity investment platform of China's Bank of Communications, and also drew its existing shareholder, SAIC Motor. Some big-name investment entities also took part in the round as new investors, including the National Green Development Fund and CITIC Securities Investment Co., Ltd.

IM Motors inks agreement for Series A equity financing

IM L7; photo credit: IM Motors

Meanwhile, IM Motors kicked off the delivery of the L7, its first production model, on June 18, 2022. As of July 31, cumulative deliveries of the all-electric sedan model reached 1,051 units.

IM Motors plans to put the LS7, a SUV model built on the same platform as the L7, onto the market in the second half of 2022. Delivery of the new model will begin this year as well.

The premium EV maker also revealed that it would introduce two luxury B-segment full-electric models next year.

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