IM Motors, the premium electric vehicle brand backed by state-owned Chinese automaker SAIC, announced on Friday that it has secured more than 8 billion yuan ($1.1 billion) in funding to develop new smart car models and technologies.
The Series B round of equity financing is one of the largest investments in Chinese EV brands in the past two years, following Abu Dhabi-based CYVN’s $3 billion investments in NIO and Stellantis’ $1.6 billion purchase of a 21% stake in Leapmotor.
See also: IM Motors Unveils 2024 L7 Sedan with Lower Price and Upgrades in China’s EV Market
Established in 2020 by SAIC, Alibaba, and Shanghai Zhangjiang Hi-Tech Park Development, IM Motors stated that the new funding will also facilitate its expansion into overseas markets.
SAIC intends to export IM Motors’ vehicles to Europe and other international markets later this year.
State-backed investors participating in IM Motors’ latest capital raise include Bank of China’s asset management unit, an investment arm of Agricultural Bank of China, and Shanghai government-backed Lingang Group, according to a statement from IM Motors.
See also: IM Motors Unveils 2024 L7 Sedan with Lower Price and Upgrades in China’s EV Market
Additionally, Chinese battery giant CATL, autonomous driving startup Momenta, and SAIC-invested battery firm QingTao Energy Development were among the contributors to the new capital raise.
