WM Motor lands huge bank credit
SHANGHAI-BASED electric-car startup WM Motor is set to receive 3.5 billion yuan (US$540 million) in credit from 11 different Shanghai banks, the automaker said yesterday.
According to the company’s plan, the funds will primarily be used for operations and layout related to products and customer services, including intelligent manufacturing, technology research and development, an innovative service model, channel expansion and digital marketing.
Company officials said WM will partner with banks in supply chain and auto finance.
Established in 2015, WM was one of the first electric startups and has two electric sport-utility vehicles currently in mass production. Its competitors include NIO, Xpeng and Li Auto.
Shanghai and officials of Qingpu District, where the company is based, attended the signing ceremony.
Zhang Jianming, vice director
of the Shanghai Commission of Economy and Informatization, said the government hopes WM will develop technology to benefit the public, establish a responsible corporate image, strengthen R&D and provide more convenient mobility experiences for car buyers.
Freeman Shen, WM’s founder and chief executive officer, said the agreement reflects support from the Shanghai government
and the country’s financial sector for the new-energy vehicle industry.
The agreement brings the amount of support the company will receive from Chinese banks to 11.5 billion yuan.
According to the Shanghai Stock Exchange, WM has met the application criteria for listing on the STAR Market.
Company officials said WM’s third electric car — the W6
— will debut at the upcoming Shanghai Auto Show in April.
The W6 is a self-driving SUV that is a car model produced in collaboration with Baidu.
WM joined forces with Baidu to create new designs in electronic and electrical architecture, gateways, domain controllers, voice interaction and scenebased experience. WM Motor sold 22,495 cars in 2020, up 33 percent year on year.