China SAIC-backed IM Motors raises $1.1 bln for smart car development, expansion [Yahoo! Finance]
BANK OF CHINA UNSP/ADR (BACHY)
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Source: Yahoo! Finance
than 8 billion yuan ($1.11 billion) to work on new smart car models and technologies. IM Motors, co-founded by SAIC, Alibaba and Shanghai Zhangjiang Hi-Tech Park Development in 2020, said the new funding will also be used to support its overseas expansion. SAIC has said it plans to export IM Motors' cars to overseas markets including Europe this year. The Series B round of fundraising was led by Bank of China's asset management unit, with an investment arm of Agricultural Bank of China and Shanghai government-backed Lingang Group among investors, IM Motors said in a statement. IM Motors said Chinese battery giant CATL, autonomous driving startup Momenta, and SAIC-invested battery firm QingTao Energy Development contributed to the new capital raise. ($1 = 7.1987 Chinese yuan renminbi) (Reporting by Roxanne Liu, Zhang Yan and Brenda Goh; Editing by Elaine Hardcastle)
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