EV startup WM Motor raises $1.5 billion

BEIJING — Baidu-backed Chinese electric car or truck EV startup WM Motor mentioned Tuesday it has lifted ten billion yuan ($1.forty seven billion) in its most recent funding spherical.

Shares of EV makers, like Tesla Inc. and Nio Inc., have surged in latest months and automakers are hunting to the markets for resources.

Shanghai-primarily based WM’s neighborhood rivals Li Car Inc. and Xpeng Inc. are listed in New York.

Buyers in WM’s most recent funding spherical incorporate Shanghai’s point out-owned asset regulator’s financial investment corporations and SAIC Motor. WM did not disclose its valuation following the funding.

The funding will aid WM additional produce clever car or truck systems and expand revenue channels. The company is eyeing a STAR board listing and has started preparing for it, folks familiar with the issue mentioned.