According to Bloomberg, Shen Hui (沈晖), founder and CEO of WM Motor has said in today’s interview that the company is seeking overseas investments, which will probably amount to USD 1 billion. Besides, WM Motor has indicated that it has begun to prepare for its Series D round of funding, craving for overseas funds.
The funds raised will be spent on R&D, marketing, customer service and so on. WM Motor also announced today that the warranty of all the battery packs will be extended to lifetime.
For now, WM Motor does not possess self-developed electric systems. It purchases most components from first-class manufacturers in the world, such as BorgWarner, Inovance (汇川技术), CATL (宁德时代) and so on. With the money raised in its Series D funding round, WM Motor will try to develop on its own some core parts like battery packs.
Apparently, the trade dispute between China and the U.S has imposed much pressure on the company. Shen admitted that unless other industries, in the automotive industry the American companies “import a lot of components, technologies, and cars into China”, so the company needs to “be in the global equation”.
WM Motor is a Chinese NEV manufacturer founded in May 2012. So far, the company has finished 6 rounds of funding. On March 8, WM Motor closed its Series C financing round with CNY 3 billion, led by Baidu and followed by Linear Venture (线性资本) and Taihang Industrial Fund (太行产业基金). According to Crunchbase, the total funding amount of WM Motor is approximately USD 1.6 billion.