WM Motor, a Chinese electric vehicle maker backed by Baidu, has applied to raise funds via an initial public offering in Hong Kong, as the company rushes to launch new vehicle models to fend off competition. The seven-year-old startup did not disclose the size, timetable, or other key details of the offering in its preliminary prospectus. Still, Bloomberg reported Wednesday that the company hopes to raise $1 billion before the end of this year. The automaker delivered 44,152 vehicles last year, less than half of the number delivered individually by rivals Xpeng Motors and Li Auto. WM plans to begin delivering its first sedan model the M7 later this year. [Caixin, in Chinese]