BEIJING (Reuters) - Baidu-backed (O:BIDU) Chinese electric vehicle (EV) startup WM Motor said on Tuesday it has raised 10 billion yuan ($1.47 billion) in its latest funding round.
As enthusiasm builds for more climate-friendly vehicles, shares of EV makers, including Tesla Inc (O:TSLA) and Nio Inc (N:NIO), have surged in recent months and auto makers are looking to the markets for funds.
Shanghai-based WM's local rivals Li Auto Inc (O:LI), Xpeng Inc (N:XPEV) are listed in New York.
Investors in WM's latest funding round include Shanghai's state-owned asset regulator's investment firms and SAIC Motor (SS:600104). WM did not disclose its valuation after the funding.
The funding will help WM further develop intelligent vehicle technologies and expand sales channels. The company is eyeing a STAR board listing and has started preparing for it, sources familiar with the matter said.