WM Motor, a Chinese electric vehicle startup, said it has received a sizeable injection from a group of investors led by Baidu Capital, the investment arm of Baidu Group, Yicai.com reported.
Without disclosing the exact amount of the injection, the company said it has raised over 12 billion yuan in its three-year life.
Shen Hui, the founder, chairman and CEO of the company, said during the financing it valued strategic synergies with investors, instead of viewing the interaction as a single capital input. Thus, the company will roll out full cooperation with Baidu on smart vehicles.
“We will focus on ’smarter electric vehicles’ to expand the value chain of traveling, to help users improve their true-love efficiency,” Shen added.
The company will hold a press conference on December 11 to launch its first model for mass production.