Elec­tric-car maker WM raises $1b

China Daily (USA) - - BUSINESS -

A for­mer top ex­ec­u­tive be­hind China’s big­gest ac­qui­si­tion of an over­seas car­maker is set­ting out to make his­tory twice, rais­ing $1 bil­lion in an ini­tial fundrais­ing round as the lat­est homegrown elec­tric ve­hi­cle startup to chal­lenge Tesla Mo­tors Inc. Free­man Shen left Volvo Cars owner Zhe­jiang Geely Hold­ing Group Co in 2014 and last year founded WM Mo­tor, which he said has se­cured fund­ing. WM plans to in­tro­duce its first model in 2018 and boost pro­duc­tion to more than 100,000 units an­nu­ally in each of the fol­low­ing three years.

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