China’s electric carmaker WM Motor pulls in $1.47 billion Series D

Chinese electric vehicle startup WM Motorjust pocketed an outsize investment to fuel growth in a competitive landscape increasingly coveted by foreign rival Tesla. The five-year-old company raised 10 billion yuan ($1.47 billion) in a Series D round, it announced on Tuesday, which will pay for research and development, branding, marketing and expansion of its sales channel.
WM Motor, backed by Baidu and Tencent, is one of the highest-funded EV startups in China, alongside Nio, Xpeng and Li Auto,