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Chinese EV brand IM Motors announced on August 1 its signing of a Round-A Equity Financing Agreement, bringing the company's overall valuation to nearly 30 billion yuan ($4.4 billion).
On July 31, Beijing-based autonomous driving unicorn Momenta abruptly eliminated its entire automotive aftermarket division, involving more than 100 employees in total, sources told Pandaily.
IM Motors, a joint venture between SAIC and Alibaba, exhibited its concept car, IM LS7 last year. This model is scheduled to be launched in the second half of this year. However, pictures of the interior of the car have recently leaked online.
Liu Tao, the co-CEO of Alibaba-backed IM Motors, commented on a recent fatal incident involving a Tesla vehicle in China. The executive believed that the Amercian EV maker had resorted to incredible excuses and even caused vehicle owners to monitor brake pedals with cameras.