IM Motors raised an impressive $1.1 billion for the creation of new smart EV models and technological advancements.
Co-founded in 2020 by SAIC, Alibaba, and Shanghai Zhangjiang Hi-Tech Park Development, IM Motors plans to channel this capital on both product advancement and global market penetration.
IM Motors Raises $1.1 Billion in Series B Funding for Smart Car Developmenthttps://t.co/JtI1dvw7cy
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Funding for New Smart EV Models
The Series B funding round attracted support from a diverse group of prominent entities within the Chinese financial sector. Notable state-backed investors include the asset management unit of Bank of China, an investment arm of Agricultural Bank of China, and the Shanghai government-supported Lingang Group.
IM Motors’ financing round also saw substantial contributions from industry major players, including CATL, a leading Chinese battery manufacturer; Momenta, a pioneer in autonomous driving technology; and QingTao Energy Development, a battery firm with investments from SAIC. These investments underscore the industry’s confidence in IM Motors’ vision and future prospects.
The Global Investment Landscape
This funding aligns with a broader trend of significant investments in the Chinese EV sector. Notable examples include Abu Dhabi-based CYVN’s $3 billion investment across NIO and Stellantis’ strategic $1.6 billion investment for a 21% stake in Leapmotor.
IM Motors, armed with $1.1 billion in fresh capital, is well-positioned not only to propel its product development but also to establish a formidable presence in international markets. This strategic move aligns with the overarching strategy of Chinese EV manufacturers seeking global recognition and market share.
The successful closure of IM Motors’ Series B financing for its new smart EV models heralds a new chapter for the company and the wider Chinese electric vehicle industry. With $1.1 billion in fresh capital, IM Motors is set to accelerate its journey towards innovation in smart car technology and expand its reach on the global stage, marking a pivotal moment in the evolution of future mobility.
Image Source: Twitter (@evmagz)
