WM Motor, a Chinese electric vehicle startup, announced on February 9 that it has entered into an RMB11.5 billion yuan ($1.7 billion) strategic cooperation agreement with several Chinese banks and financial institutions.
The first RMB 3.5 billion credit facility from a syndicate of Shanghai-based banks has been signed and will be used primarily for WM Motor's operations and layout in terms of products and customer services, the company said.
The syndicate includes eleven banks, including Pudong Development Bank, Industrial and Commercial Bank of China and Bank of China.
WM Motor said it will continue to strengthen its investment in product innovation, intelligent technology development, smart manufacturing, user services, channel expansion and digital marketing.
WM Motor will give full play to its advantages and cooperate with banks in supply chain finance, auto finance and other areas.
Freeman Shen, founder and CEO of WM Motor, said that WM EX5, the first mass production model, has been the top-selling single model of the new vehicle manufacturer for two consecutive years since its delivery in September 2018.
In September 2020, WM Motor released the IdeaL 4 technology strategy consisting of Intelligent Cockpit, Digital Architecture, EIC, and Autonomous Driving, and joined hands with partners such as Qualcomm, Baidu, and UNIS to accelerate the mass production of 5G and L4 autonomous driving technologies in new energy models.
In January 2021, the WM W6 equipped with "Apollo Cloud AVP" (Cloud Intelligent Unmanned Parking System) was launched in mass production and is scheduled to be launched for pre-sale in March and delivery in April.
WM W6 is also the first mass-produced car in China that can be driverless in specific scenarios.