Chinese EV startup WM Motor raising at least $288 mln from Baidu, others - sources [Reuters]
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Source: Reuters
Chinese EV startup WM Motor raising at least $288 mln from Baidu, others - sources | Reuters 4 Min Read HONG KONG, Oct 25 (Reuters) - Chinese electric vehicle (EV) startup WM Motor Technology Co Ltd aims to raise at least 2 billion yuan ($288.33 million) in its latest funding round to finance growth, valuing the nearly four-year-old firm at over 20 billion yuan, two people told Reuters. The fundraising comes as China’s government promotes new energy vehicles (NEVs), a category comprising battery-powered and plug-in battery-petrol hybrid cars, to help reduce air pollution and support high technology development. WM was founded in January 2015 by Freeman Shen, a former executive at Fiat Chrysler Automobiles NV and Volvo Cars owner Zhejiang Geely Holding Group Co Ltd. Its backers include Chinese technology giants Baidu Inc and Tencent Holdings Ltd as well as Sequoia Capital China and government-backed investment firm China Chengtong Fund, according to WM. Baidu will likely lead the lates
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