Today, WM Motor announced that the company is expected to raise about $500 million in a new round of financing.
The D1 round of financing is led by PCCW and SDIC, with Guangfa Xinde’s USD investment institutions participating, raising more than $300 million. Subsequently, WM Motor will sign a D2 round financing agreement with other well-known international USD investment institutions.
According to WM Motor, this round of financing will be mainly used for the continuous research and development of unmanned driving and other intelligent technology and products, as well as the expansion of sales and service channels, providing key support for WM Motor’s continuous research and development of unmanned driving.
Compared with NIO, Ideal, and XPeng’s sales in September, WM Motor’s sales of 5,005 units in September are not outstanding. Currently, WM Motor’s main product is still the EX5, which has been on the market for a long time, and the highly anticipated W6 has not yet helped WM Motor to make a breakthrough. The valet parking function cannot become the core competitiveness of the W6, but only exists as an added bonus.
If WM Motor cannot quickly enter the top echelon by relying on unmanned driving technology and the research and development of new products after raising a new round of $500 million, it will only fall further behind its competitors in the future.
Source: WM Motor Official
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