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WM Motor is reportedly planning to file for a listing on Shanghai’s Nasdaq-style STAR Market in early 2021.
The electric vehicle industry has taken a huge lift off during the pandemic, with several of China’s EV companies taking the center stage in the global market. Through its official website, WM Motor announced that it has raised capital through different investors to further its course.
The company wrote that it “completed a D round of financing of 10 billion yuan , which is the largest single round of financing in the history of new automakers . Mainly used for smart technology research and development, brand building, digital marketing and channel expansion”.
The five-year-old company is pushing into a market with existing competitors including Tesla that has largely dominated the industry. At home, the company will be rivaling with Li Auto Inc (NASDAQ: LI), Xpeng Motors Inc (NYSE: XPEV) and Nio Inc (NYSE: NIO), all have completed initial public offerings in the U.S.
However, there are many existing opportunities as the electric vehicle industry is not fully mature and there is a huge demand for electric vehicles. Furthermore the more competitors the better it will be for the market at large.
Due to the competition, EV prices will possibly go down. The competition will also accelerate the electric vehicle adoption globally, which can reduce the environmental deterioration.
WM Motor and China EV Industry
China has fostered the electric vehicle industry by formulating policies that support the EV companies.
The company noted that the latest round of fundraising was led by the investment arm of the Shanghai government and SAIC Motor, which is one of the largest Chinese state-owned car companies.
Notably, the company said it will recruit 3,000 top engineers globally in the next three to five years to build an ecosystem that connects drivers, vehicles and the external environment, as well as adapting to the needs of Chinese customers and road conditions. The funds will also be spent on expanding its store network, branding and marketing.
“The completion of the funding round reflects the confidence of investors on the prospect of China’s smart new energy vehicle industry,” WM Motor’s founder and CEO Freeman Shen said, adding that many are strategic investors committed to long-term development of the company.
In July, the Chinese EV upstart delivered its 30,000th EX5 SUV vehicle, which comes at about $22,000 with state subsidy and features the likes of in-car video streaming and air purification. The company claimed that parents of young children account for nearly 70% of its customers.
EV maker WM Motor is reportedly planning to file for a listing on Shanghai’s Nasdaq-style STAR Market in early 2021, with investment bank China Securities Co., Ltd (CSC) as its underwriter.
Notably, the company recently revealed its plans in September to launch a new model in 2021 with Level 4 parking capabilities.
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