EV startup WM Motor raises $1.5 billion

BEIJING — Baidu-backed Chinese electrical vehicle EV startup WM Motor said Tuesday it has raised ten billion yuan ($1.47 billion) in its latest funding round.

Shares of EV makers, like Tesla Inc. and Nio Inc., have surged in recent months and automakers are hunting to the marketplaces for funds.

Shanghai-based mostly WM’s regional rivals Li Vehicle Inc. and Xpeng Inc. are outlined in New York.

Buyers in WM’s latest funding round contain Shanghai’s state-owned asset regulator’s expense corporations and SAIC Motor. WM did not disclose its valuation just after the funding.

The funding will support WM more create smart vehicle systems and extend profits channels. The company is eyeing a STAR board listing and has began getting ready for it, persons familiar with the make any difference said.