WM Motor Secures $152 Mn Series D2 Financing

Financial advisors in this transaction included Brocade River Merchants.
 

The new funding comes on the heels of a US$305 million Series D1 funding round in early October. This brings WM Motor's total capital raised in the fourth quarter of 2021 to US$457 million, representing the largest investment towards the mainland China smart EV companies during the past 12 months.

The Company also expects that a few other prestigious investors will join to bring the total fund raising to over US$500 million. The Company will use the capital to accelerate the development of autonomous driving and other smart technologies and products, as well as its sales and service channels nationwide.

In addition to the equity financing, WM Motor and Agile have also entered into a strategic partnership agreement to fully leverage their respective resources to conduct deep cooperation in branding, sales and services network, charging facility development, automotive financing, supply chain financing, after-market services, and other innovative auto-related projects.

"Agile's financial support, vast presence and strong local sales teams across China significantly expands our reach in China's growing smart EV market where we are securing our spot as a key player, as well as strengthen our O2O (online-to-offline) strategy," commented Mr. Freeman H. Shen, founder and chief executive officer of WM Motor. "In addition to the substantial cash infusion, we are thrilled to have secured such a meaningful partnership with Agile. By bringing WM Motor smart EVs sales and services to Agile property across China, potential users can experience and test drive our smart EVs in-person, amplifying both our products and brand exposure. WM Motor and Agile target user groups are also well aligned. With numerous synergistic sales opportunities, we are eager to co-develop O2O marketing campaigns, enact joint promotional activities and explore user service opportunities. Each of these measures is designed to advance our smart EV sales, with the ultimate goal of leveraging our technology to make smart EVs affordable for everyone."

Agile's property management sector serves more than three million households, covering 31 provincial-level divisions and 199 cities in China. The growth of Agile's real estate sector is also expected to bring a minimum of 50,000 new accounts and 400,000 new potential users every year.

This broad user base along with Agile's extensive network of local sales representatives are expected to offer WM Motor substantial presence across China with elevated user experience.

Mr. John Bi, chief financial officer of WM Motor, said, "2021 has been a fruitful year for WM Motor so far. While the global chip shortage swept the entire auto industry, our business has shown remarkable resilience and experienced steady overall development. With strong support from our investors, users and business partners, we have great confidence in our ability to boost our sales for next year. With the additional funds from our recent financings, we will continue to invest in the development of cutting-edge smart EV technology as well as broadening and deepening our sales and service channels. We are grateful for Agile's confidence in our core capabilities, outstanding products and extensive partnership as we ramp production and delivery of our groundbreaking M7 Sedan."