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在线翻译:
szdaily -> Business -> 
EV startup WM Motor raising $288m
    2018-10-29  08:53    Shenzhen Daily

ELECTRIC vehicle (EV) startup WM Motor Technology Co. aims to raise at least 2 billion yuan (US$288.33 million) in its latest funding round to finance growth, valuing the nearly 4-year-old firm at over 20 billion yuan, two sources said.

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.

Shanghai-based 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.

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 latest fundraising with an investment of about 1 billion yuan, said one of the sources. WM is also in talks with Tencent and other prospective investors, said the sources.

Proceeds raised will be primarily used to develop manufacturing facilities as well as for research and development, one of the sources said.

WM said the size of the latest fundraising would exceed 3 billion yuan and the proceeds would be used in “developing new phase of R&D, customer experience and services.” It declined to comment further on other fundraising details.

WM is one of several largely Chinese-funded EV startups betting on the benefits of local production to compete with EV benchmark Tesla Inc. and other auto giants. Its local rivals include NASDAQ-listed NIO Inc. and Xpeng Motors, backed by Alibaba Group Holding Ltd.

While China’s wider car market has cooled, its NEV market is growing rapidly. NEV sales rose 55 percent in September compared with the same month last year, and grew 81 percent to 721,000 vehicles in the January-September period, the country’s top auto industry association said this month.

WM late last month started deliveries of its first vehicle, the EX5 battery-electric SUV, betting on lower pricing. It is building them in the eastern city of Wenzhou at a plant which has an annual capacity of 100,000 units, according to the company. It aims to deliver 10,000 vehicles by the end of this year.

(SD-Agencies)

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