Baidu invests further in WM Motor to raise stakes in smart mobility
Electric vehicle maker Weltmeister Motor recently closed its RMB 3 billion (around $450 million) Series C led by Baidu, which seeks to increase its self-driving advantages in the country’s EV consumption boom.
The investment will be put primarily toward delivering an enhanced driving experience, including the research and development (R & D) of an intelligent cockpit, according to WM Motor founder and CEO Freeman Shen, in a statement sent to TechNode.
WM Motor has raised nearly RMB 23 billion total in all of its fundraising rounds. Along with Baidu, Series C investors include state-led asset management company Taihang Industrial Fund, as well as Shanghai-based venture capital firm Linear Venture.
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