The Chinese EV startup WM Motor is set to pick up at least 2 billion Yuan in a new round of financing, according to a Reuters report. The money will be used to finance further company expansion.
Among the investors are the Chinese tech giants Baidu and Tencent, as well as Sequoia Capital China and the state-funded investment company China Chengtong Fund. Baidu alone will be investing about 1 billion Yuan in the company, according to the report.
The new capital will mainly flow into the construction of new manufacturing facilities, as well as research and development.
A month ago, WM Motor had announced their last update, as they had signed a contract for a cooperation with BorgWarner. The cooperation is initially set to run for three years. BorgWarner is bringing a series of electric propulsion technologies into the cooperation, including the electric drive module eDM, which will be used, among other applications, in the first fully electric SUV EX5 from WM Motor.