UK markets open in 5 hours 4 minutes
  • NIKKEI 225

    23,621.62
    +54.58 (+0.23%)
     
  • HANG SENG

    24,770.03
    +200.49 (+0.82%)
     
  • CRUDE OIL

    41.47
    -0.23 (-0.55%)
     
  • GOLD FUTURES

    1,918.90
    +3.50 (+0.18%)
     
  • DOW

    28,308.79
    +113.37 (+0.40%)
     
  • BTC-GBP

    9,246.42
    +712.08 (+8.34%)
     
  • CMC Crypto 200

    240.87
    +1.96 (+0.82%)
     
  • ^IXIC

    11,516.49
    +37.61 (+0.33%)
     
  • ^FTAS

    3,315.73
    +3.96 (+0.12%)
     

Baidu-backed Chinese EV startup WM Motor raises $1.5 billion

·1-min read

BEIJING (Reuters) - Baidu-backed <BIDU.O> 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 <TSLA.O> and Nio Inc <NIO.N>, have surged in recent months and auto makers are looking to the markets for funds.

Shanghai-based WM's local rivals Li Auto Inc <LI.O>, Xpeng Inc <XPEV.N> 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 <600104.SS>. 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.

(Reporting by Yilei Sun and Brenda Goh; Editing by Shounak Dasgupta)