The financing will be used for next-generation model development, smart driving technology development and entry into overseas markets.
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SAIC Motor Corp's electric vehicle (EV) unit IM Motors has secured more than RMB 8 billion ($1.1 billion) in new financing, the latest round of funding in China's EV sector since Nio (NYSE: NIO) received investments from Abu Dhabi's CYVN last year.
IM Motors announced on March 1 that it had secured the financing, which is its Series B equity round, according to a statement yesterday.
The financing will be used for next-generation smart model development, advanced smart driving and cockpit technology development, according to the statement.
IM Motors will also use the financing to accelerate the expansion of its marketing channels, as well as to enter overseas markets, it said.
The financing was led by BOC Financial Asset Investment, a subsidiary of Bank of China, and followed by companies including CATL, Momenta, QingTao Energy, and SAIC. QingTao is a solid-state battery startup backed by SAIC.
IM Motors was founded on November 26, 2020 by SAIC, Zhangjiang Hi-Tech and Alibaba, with SAIC holding a majority stake.
The new funding is one of the largest in China's EV sector in the past year, aside from Nio's two cumulative $3.3 billion investments from CYVN last year.
IM Motors begins deliveries of its first model in June 2022, the IM L7, a mid-to-large size all-electric sedan that is a Nio ET7 rival.
On February 26, IM Motors launched the 2024 IM L7, lowering the starting price by RMB 38,900, or 11.5 percent, to RMB 299,900.
On February 27, IM Motors' design director Xu Dengtao hinted that the company might launch a shooting brake coupe based on the L7.
IM Motors' other two models, the IM LS6 and IM LS7, are both SUVs.
IM Motors doesn't report monthly sales like other local EV makers, as its sales performance has been lukewarm.
($1 = RMB 7.1968)
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