FB Pixel no scriptBaidu leads Chinese electric vehicle maker WM Motor's Series C funding | KrASIA
MENU
KrASIA
News

Baidu leads Chinese electric vehicle maker WM Motor’s Series C funding

Written by Luna Lin Published on     1 min read

Share
Drivers in China looking to switch over to electric cars have plenty of options.

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.

Share

Most PopularMost Popular

Insights

Here’s how Lazada lost its lead to Shopee in Southeast Asia (Part 1 of 2)

By LatePost

  

  24 Mar 2021    10 mins read

See All

Auto loading next article...

Loading...