WM raises CNY1 billion to launch electric car
August 29, 2016 Category Automotive, Weekly
Freeman Shen, who left Volvo Cars owner Zhejiang Geely Holding Group in 2014 and last year founded WM Motor, has secured CNY1 billion in funding from both domestic and overseas investors to launch its first electric car in 2018 and boost production to more than 100,000 units annually within the following three years. WM will be competing with more than 200 other Chinese electric-vehicle companies, some of them backed by Alibaba Group, Foxconn Technology Group and Tencent Holdings. WM was named after the German word “weltmeister”, which means global champion. Its management team has extensive experience in China’s auto industry, ranging from product development, parts procurement, production, and sales, according to Shen. WM plans to apply for a production license later this year and set up a factory in eastern China. Chehejia, founded by internet entrepreneur Li Xiang, said on August 10 it began constructing an assembly plant with an eventual capacity of 300,000 vehicles a year, while LeEco, backed by billionaire Jia Yueting, announced plans to invest as much as CNY20 billion in a vehicle plant in eastern China and an auto theme park, the China Daily reports.
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