WM Motor, an electric vehicle startup backed by Baidu, is seeking up to USD 1 billion in its Series D funding round, according to the company’s founder Freeman Shen .
This time, however, WM Motor is looking for more international investors to join. “We will be watching global investors,” Shen said in an interview with Bloomberg on Monday. In the past, Shen said, the firm only focused on Chinese investors.
WM Motor’s pivot to global investors coincides with decreasing governmental subsidies and increasing doubts and worries over EV safety.
Nio, one of WM Motor’s major domestic competitors, issued a recall of its flagship ES8 model last week after three fire incidents in the past two months.