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Baidu-backed EV-maker WM Motor raises $300m despite setbacks

Two Hong Kong-listed companies lead funding round for loss-spinning startup

Weltmeister's EV concept Maven by WM Motor is displayed at the Beijing International Automotive Exhibition, or Auto China show, in Beijing on Sept. 27, 2020.    © Reuters

Despite a string of setbacks and increasing competition, the Baidu- and Tencent-backed electric-vehicle maker WM Motor Holdings has raised more than $300 million in new funding in a sign of continuing investor interest in the company.

Two Hong Kong-listed companies led WM Motor's recent Series D1 funding round, including PCCW -- backed by a son of local tycoon Li Ka-shing -- and shipping and property company Shun Tak Holdings.

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