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11 03 2019 04

Chinese Startup WM Motor raises around 400 million euros in a financing round led by China’s Google, Baidu. The investment is to flow mostly into R&D as WM Motors and Baidu start their ‘Intelligent Vehicle Joint Research Center’.

Other investors in the new round of funding for WM Motors are Linear Venture and the Taihang Industrial Fund. In total, the EV maker (WM is short for world champion, ie. Weltmeister in German) has been able to collect almost 23 billion yuan (around three billion euros).

In October last year, the company was able to raise 288 million USD for both manufacture and R&D reportedly. Baidu was again the main funder in addition to Tencent, Sequoia Capital China and the state-funded investment company China Chengtong Fund. Now, WM’s latest flush of fresh capital should primarily fund research and development.

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