Chinese EV startup WM Motor raises $1.5bn in biggest funding round

State-run investment boosts Tesla challenger ahead of initial public offering

WM Motor's Evolve concept electric car at the Shanghai Auto Show last year. Its new funds will provide much-needed capital in order for the company to challenge Tesla in China. © AP

NIKKI SUN, Nikkei staff writer

September 22, 2020 16:25 JST

HONG KONG -- Electric vehicle startup WM Motor, one of China's ambitious challengers to Tesla, said it raised 10 billion yuan ($1.47 billion) from a group of state-backed investors -- among others -- after the successful stock market listings of bigger domestic rivals.

The latest round of fundraising was led by the investment arm of the Shanghai government and SAIC Motor, one of the largest Chinese state-owned car companies, WM Motor said in a statement on Tuesday.