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EV startup WM Motor raises $1.5 billion

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BEIJING — Baidu-backed Chinese electric vehicle EV startup WM Motor said Tuesday it has raised 10 billion yuan ($1.47 billion) in its latest funding round.

Shares of EV makers, including Tesla Inc. and Nio Inc., have surged in recent months and automakers are looking to the markets for funds.

Shanghai-based WM’s local rivals Li Auto Inc. and Xpeng Inc. are listed in New York.

Investors in WM’s latest funding round include Shanghai’s state-owned asset regulator’s investment firms and SAIC Motor. WM did not disclose its valuation after the funding.

The funding will help WM further develop intelligent vehicle technologies and expand sales channels. The company is eyeing a STAR board listing and has started preparing for it, people familiar with the matter said.

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