WM Motor to compete Tesla, raises $1 billion

by SpeedLux

Another day, another Chinese electrical automobile startup with significant aspirations and huge funding.

Bloomberg reported on WM Motor, an electrical automobile start-up led by Freeman Shen, the exec responsible for the acquisition of Volvo by Chinese auto maker Zhejiang Geely. Shen left Geely two years back and released WM Motor in 2015.

The company has now supposedly raised $1 billion in funding, making WM Motor the newest well-funded startup intending to make or offer electric automobiles in China. The long list of beginners includes Chinese automobile parts maker Wanxiang, which owns Karma Automotive (formerly Fisker), NextEV, Atieva, and LeEco, that funds Faraday Future.

There’s likewise BYD, which is backed by Warren Buffett and sold the most electric vehicles worldwide in 2015. Elon Musk’s Tesla Motors has appeared to have a hard time in China due to the nation’s challenging policies for foreign business.

Bloomberg report includes that there are over 200 Chinese electric automobile companies constructing 4,000 brand-new electric car models.

WM Motor aim to construct a factory in eastern China, launch its first electric vehicle in 2018, and produce 100,000 cars annually. The company’s vehicles will target the mass market in contrast to Tesla’s present cars and Karma Automotive’s cars.

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