Chinese electric vehicle (EV) startup WM Motor has completed its Series C round, gaining RMB 3 billion (US$446 million) in capital, KrASIA‘s parent company 36Kr has learnt. The company has raised nearly RMB 23 billion (US$3.4 billion) since its inauguration.
The latest round was led by Baidu, China’s answer to Google. Other investors include Taihang Industrial Fund and Linear Venture. The newly raised capital will be spent on improving user experience and developing new technology, a source close to WM Motor said.
WM Motor’s new funding will help the company take on foreign and domestic competitors in the EV sector while the government reduces subsidies for electric vehicles.
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