Chinese EV Maker Secures 3 Billion Yuan in Funding Led By Baidu

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By An Limin and Isabelle Li / Mar 08, 2019 06:19 PM / Business & Tech

Photo: VCG

Chinese electric-vehicle startup WM Motor raised 3 billion yuan ($446 million) in series C funding led by tech giant Baidu, the company announced Friday.

Other investors in this round included Linear Venture and Tailing Industrial Fund. The carmaker has raised nearly RMB23 billion so far in all rounds of fundraising.

The new funds will be used to further develop technologies and improve the driving experience for car owners, according to a company release. WM also hopes to “make a breakthrough in the research and development of intelligent cockpits,” according to founder and CEO Freeman Shen.

The 4-year-old automaker will also team up with Baidu to build a joint research center dedicated to autonomous driving technology.

WM’s flagship EX5 model delivered 2,005 vehicles in January, ranking top among EV startups in terms of delivery amount.

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