WM Motor Receives $152 Million in D2 Round Financing

wm motor
(Source: WM Motor)

WM Motor, a smart electric vehicle manufacturer, announced that it had received $152 million in its D2 round financing. Agile Property, a Chinese land developer, led the investment of $140 million, and Brocade River Merchants Capital participated in this round of financing as the financial adviser.

On October 5 this year, WM Motor received more than $300 million in D1 round financing, with PCCW and Shun Tak Holdings as the leading investors with the investment institution under GF Xinde Investment Management as the participating investor.

WM Motor Automobile said that, up to now, the total financing amount of this round had reached $457 million. The company expects that several more well-known investors will join the investment in the future, and the total amount of financing in this round is expected to exceed $500 million.

In addition, WM Motor signed a strategic cooperation agreement with Agile Property. The companies will cooperate in branding,  sales and service networks, charging facilities development, supply chains and after-sales service.

Agile Property, as the leading investor in the D2 round of financing of WM Motor, is a group focusing on real estate and the development of diversified businesses. The company has formed a layout of five major industrial groups: real estate, life services, environmental protection, technology and investment management. Its businesses have extended to more than 200 cities at home and abroad.

In response to this financing, Shen Hui, founder and CEO of WM Motor, said: “Through Agile Property’s financial support, influence and strong offline sales system, WM Motor can rapidly enhance its influence in the growing market for smart pure electric vehicles.”

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In terms of products, in November, WM Motor delivered 5,027 new cars, up 66.6% year-on-year. Total delivery volume in the first 11 months of this year was 39,095, up 96.4% year-on-year. Since its delivery at the end of September 2018, the cumulative total sales volume of WM Motor has exceeded 83,000.

In October this year, WM Motor also released its M7, a pure electric car equipped with three lidars. The vehicle is to be mass-produced and delivered in 2022.

The WM Motor M7 has 32 sensors, including 3 solid-state lidars, 5 millimeter wave radars, 12 ultrasonic radars, seven 8-megapixel high-definition cameras, 4 scanning cameras and an independent high-precision positioning module. Equipped with four Nvidia Drive Orin-X chips, the computing power of a single chip is 254Tops, and the maximum computing power of the whole vehicle is 1016Tops, which is seven times that of Tesla’s FSD.