WM Motor, a smart EV developer in China, has secured US$152m Series D2 financing led by Agile Group Holdings, an integrated conglomerate specializing in property development and management in China.
The new funding comes on the heels of a US$305m Series D1 funding round in early October. It brings WM Motor’s total capital raised in the fourth quarter of 2021 to US$457m. The company says it will use the capital to accelerate the development of autonomous driving and other smart technologies and products, as well as its sales and service channels nationwide.
“Agile’s financial support, vast presence and strong local sales teams across China significantly expand our reach in China’s growing smart EV market, where we are securing our spot as a key player, as well as strengthening our O2O (online-to-offline) strategy,” commented Freeman Shen, the founder and chief executive officer of WM Motor. “In addition to the substantial cash infusion, we are thrilled to have secured such a meaningful partnership with Agile. By bringing WM Motor smart EVs sales and services to Agile property across China, potential users can experience and test drive our smart EVs in person, amplifying our products and brand exposure.”