IM Motors, a premium electric vehicle brand under the umbrella of Chinese state-owned automaker SAIC, announced on Friday that it has successfully raised over 8 billion yuan ($1.1 billion) in Series B equity financing.
This substantial investment marks one of the largest funding rounds for Chinese EV brands in recent years, signaling a significant stride in the nation’s electric vehicle sector.
Significant Investment in the Chinese EV Sector:
IM Motors’ Series B funding is a notable investment within the Chinese electric vehicle landscape, following significant capital injections into prominent players like NIO and Leapmotor.
The newly secured capital will be primarily allocated towards developing innovative smart car models and advanced technologies. Additionally, IM Motors intends to utilize the funds to facilitate its expansion efforts, including ventures into international markets.
Strategic Collaboration by IM Motors and Co-founding Partners:
Established in 2020, The EV firm is a collaborative venture between SAIC, Alibaba, and Shanghai Zhangjiang Hi-Tech Park Development. The strong partnership aims to drive innovation and excellence in electric vehicles.
SAIC has articulated plans to introduce IM Motors’ vehicles to global markets, with a particular focus on European expansion slated for this year. This move underscores the company’s ambition to establish a strong presence beyond its domestic market.
Diverse Investor Profile:
The latest funding round attracted backing from a range of prominent investors, including state-backed entities such as the Bank of China’s asset management unit, the investment arm of the Agricultural Bank of China, and the Shanghai government-supported Lingang Group.
Notable industry players such as CATL, Momenta, and QingTao Energy Development, in which SAIC has invested, also contributed to the capital raise.