On March 8, WM Motor Technology announced the completion of its C round of financing, securing a total of RMB3 billion. The lead investor was Baidu Inc and the follow investors included Taihang Industrial Fund and Linear Venture. The capital secured during this round of financing will be mainly used for developing the company’s newest phase of R&D, customer experience and technologies. During this round of financing, CEC Capital served as the lead financial advisor to WM Motor Technology.
WM Motor Technology CEO, Mr. Freeman Shen, explained, “In 2019, WM Motor Technology will enter a new stage of development. New technologies will strengthen the company’s autonomous vehicle capabilities. A more diversified product line will guarantee the mass production of cutting-edge technologies, satisfying the needs of more users. Our new retail channels will provide improved automobile delivery and automobile-related services. Upgrading to smart manufacturing will allow us to guarantee custom concept-to-manufacturing capabilities of world-class quality and convert R&D findings to commercialized products, as we strive to increase the speed of automobile deliveries. In sum, as a data-driven intelligent hardware producer, WM Motor Technology will aim to improve its capabilities for mass production and automobile delivery, while expanding the consumer base for NEVs.”
This round of financing will help WM Motor Technology to strengthen its customer experience-related platforms. The company has experienced a surge of increased growth since the start of 2019. In January, WM Motor Technology led the NEV industry having delivered 2005 of its EX5 battery-electric SUVs. As of the end of February, WM Motor Technology signed a total of 50 contracts with new distribution partners in 50 major cities around China (including Beijing, Shanghai, and Guangzhou). The EX5 SUVs are already ready for delivery at 21 of these cities. By the end of 2019, WM Motor Technology plans to have contracts with 100 distribution partners. WM Motor Technology has already established 7 ‘WM Spaces’ (experience centers in first-tier cities like Beijing, Shanghai, and Guangzhou), 20 ‘WM Stores’ (experience and sales service centers with maintenance and charging service stations), and 15 “WM Stations” (comprehensive and consumer-oriented service stations). In March, WM Motor Technology’s expansion and management capabilities for automobile-related financing projects improved noticeably.
After this round of financing, WM Motor Technology is geared up to develop and release technologies that will revolutionize society and the economy as we know them to exist. WM Motor Technology will contend with other leading NEV companies to pinpoint and manage the newest NEV industry trends.