BEIJING, Dec 5 (Reuters) - WM Motor, one of China’s electric car startups, will receive a sizable investment from a group of investors led by Baidu Capital, WM Motor founder and chief executive Freeman Shen told Reuters.
Shen, who left Chinese automaker Zhejiang Geely Holding Group to establish WM Motor, said the group of investors included Baidu as well as Susquehanna International Group (SIG) and Amiba Capital.
Shen declined to discuss how much the Shanghai auto startup received from the latest round of fund-raising. But two other individuals familiar with the matter said the company raised several billions of yuan.
Since its establishment a few years ago, WM Motor has cumulatively raised about 12 billion yuan, according to Shen. He told Reuters in a telephone interview the company needs roughly 20 billion yuan to realise the firm’s business case.
WM Motor is expected to make an announcement on the latest investment as early as in a few hours.
Reporting By Norihiko Shirouzu; EDiting by Shri Navaratnam