WM Motor completes a RMB 10 billion Series D Round, the largest single financing round in China’s automotive startup historyCorporate News | 2020-09-22
• WM Motor announced the completion of its Series D Round, totaling RMB 10 billion, the largest single round of financing among all automotive startups in China.
• The Series D Round was jointly led by a Shanghai state-owned investor group, including SAIC Motor (‘SAIC’). Baidu and Susquehanna International Group (‘SIG’) added to their investments in the Company through the provision of fresh equity commitments. State-owned investment institutions from Anhui, Jiangsu, Hubei and Hunan as well as strategic investors including Yangtze River Industry Fund, State Development & Investment Corporation (‘SDIC’), Guangzhou Finance Holdings Group, Sino IC Leasing, Tsinghua Unigroup, Hongta Group, Agile, and Yingke Capital all participated in the round.
Tuesday September 22, 2020, WM Motor announced that it has completed its D round of financing totaling RMB 10 billion. Freeman Shen, the Founder, Chairman and CEO of WM Motor, said at the round’s closing, "The completion of the D round of financing reflects investor optimism about the prospects of the smart new energy vehicle industry, as well as their recognition of WM Motor’s long term development strategy, outstanding core team and industry-leading, cutting-edge technology.”
The most diverse investor group in the industry
The Series D Round was jointly led by a Shanghai state-owned investor group, including SAIC. Baidu and SIG added to their investments in the Company through the provision of fresh equity commitments. State-owned investment institutions from Anhui, Jiangsu, Hubei and Hunan as well as strategic investors including Yangtze River Industry Fund, SDIC, Guangzhou Finance Holdings Group, Sino IC Leasing, Tsinghua Unigroup, Hongta Group, Agile, and Yingke Capital all participated in the round.
This investor group makes up the most diversified in the industry. It includes domestic and foreign investors, industrial investors, internet giants, national funds and top VC/PE venture capital funds. These powerful investors have not only committed to assisting WM Motor’s continued development, but are each actively cooperating with WM Motor to jointly build a new, integrated ecosystem of industrial investment that will accelerate the advent of forward-looking technology including mass-produced automotive-based 5G technology, autonomous driving, and more efficient and powerful e-powertrain systems.
Accelerate R&D and channel expansion
With the accumulated funding, WM Motor will strengthen its investment in intelligent technology research and development, brand building, digital marketing and channel expansion.
To help realize its long-term product plan to build vehicles that are ‘Everything Connected’, WM Motor will gather a global team of 3,000 top engineers to bring forward-looking technology and services to mass-production at mainstream prices. These products and services will be built based on the Company’s deep understanding of the Chinese consumer, creating an experience that meets the specific needs of Chinese users and Chinese road conditions, providing users with high-quality smart mobility solutions which are safer, more efficient, more convenient and more exciting.
In terms of brand and channel expansion, WM Motor will accelerate its "Thousand Cities, Thousand Locations" plan, which involves the implementation of lighter, more diversified user touch-points between the customer and the brand. The Company will continue to follow its product development principles to deliver safe, reliable vehicles with stable quality and an excellent experience at reasonable costs.