Key Points:
- IM Motors, a premium electric vehicle brand under SAIC, secures over $1.1 billion in Series B funding for smart car development.
- The funding will advance new smart car models and technologies and support overseas expansion, including entry into European markets.
- State-backed investors contributed to the funding round, including the Bank of China and Shanghai government-backed Lingang Group.
- IM Motors aims to leverage the capital to strengthen its position in the competitive EV market and accelerate innovation in smart mobility solutions.
On Friday, IM Motors, the premium electric vehicle brand of Chinese automaker SAIC, announced that it has successfully secured over 8 billion yuan ($1.1 billion) in its Series B round of equity financing. This significant investment marks one of the largest funding rounds for Chinese EV brands in the past two years and underscores the growing interest in smart car technology and innovation.
The funding will primarily be allocated towards developing new smart car models and advanced technologies. IM Motors, co-founded by SAIC, Alibaba, and Shanghai Zhangjiang Hi-Tech Park Development in 2020, aims to leverage this capital to accelerate its research and development efforts and strengthen its position in the competitive electric vehicle market.
In addition to advancing its product lineup, IM Motors plans to utilize the funds to support its overseas expansion strategy. SAIC intends to export IM Motors’ vehicles to international markets, with a focus on Europe slated for this year. This move reflects the brand’s ambition to establish a global presence and cater to the increasing demand for electric vehicles worldwide.
The Series B funding round attracted investments from a consortium of state-backed investors, including the Bank of China’s asset management unit, an investment arm of the Agricultural Bank of China, and the Shanghai government-backed Lingang Group. These strategic partnerships highlight the confidence and support of prominent institutions in IM Motors’ growth trajectory and technological capabilities.
Furthermore, notable industry players such as Chinese battery giant CATL, autonomous driving startup Momenta, and SAIC-invested battery firm QingTao Energy Development contributed to the capital raise. Their involvement signifies the collaborative efforts within the electric vehicle ecosystem to drive innovation and propel the adoption of smart mobility solutions.
