This is IM Motors' first public financing from other investors, reaching a post-investment valuation of nearly RMB 30 billion ($44).

IM Motors closes Series A financing as cumulative deliveries reach 1,051-CnEVPost

(Image credit: IM Motors)

IM Motors, a premium electric vehicle (EV) brand jointly built by China's largest car company SAIC and e-commerce giant Alibaba, has announced the completion of its latest financing round, as its cumulative deliveries exceed 1,000 units.

IM Motors announced on August 1 the signing of a Series A financing agreement, its first public financing from other investors, at a post-investment valuation of nearly RMB 30 billion ($44), according to a press release that did not disclose the amount of the financing.

The round was led by Bocom Financial Asset Investment Co Ltd, with additional investment from SAIC. New investors, including China's National Green Development Fund and CITIC Securities Investment Co Ltd, participated in the financing.

IM Motors is a joint venture between SAIC, Zhangjiang Hi-Tech and Alibaba, with SIAC holding a majority stake.

It took reservations for its first model, the IM Motors L7, during the Shanghai auto show last April and began deliveries in June this year.

IM Motors closes Series A financing as cumulative deliveries reach 1,051-CnEVPost

The IM Motors L7 is positioned similarly to NIO's ET7 sedan, which began deliveries in late March, as a mid-size, all-electric sedan. There are currently very limited options for this market in China.

The IM Motors L7 measures 5,098 mm in length, 1,960 mm in width and 1,482 mm in height, with a wheelbase of 3,100 mm. For comparison, the NIO ET7 measures 5,101 mm in length, 1,987 mm in width and 1,509 mm in height, with a wheelbase of 3,060 mm.

IM Motors closes Series A financing as cumulative deliveries reach 1,051-CnEVPost

In terms of price, the IM Motors L7 is slightly cheaper than the ET7, with deliveries already started for the L7 Pro version, which starts at RMB 408,800. Its other version, the L7 Dynamic, has a starting price of RMB 368,800 and deliveries are expected to begin in August.

The NIO ET7 is also currently available in two versions, a regular version and a first-edition version, with pre-subsidy starting prices of RMB 458,000 and 536,000 yuan respectively.

Deliveries of IM Motors began on June 18, with the first cities to see L7 deliveries being Shanghai and Suzhou.

As of July 31, cumulative deliveries of the IM Motors L7 stood at 1,051 units, it said Monday.

For comparison, NIO delivered 10,052 vehicles in July, including 2,473 ET7s.

IM Motors, SAIC and Alibaba-backed EV brand, shows off muscles in self-driving

CnEVPost Daily Newsletter