IM Motors plans to launch two BEV models and two EREV models in 2025, extending its model lineup to the hybrid market for the first time.
Shanghai-based IM Motors has closed a new round of financing, preparing ammunition for a potentially more competitive market next year.
The SAIC Motor Corp's electric vehicle (EV) unit announced today that it has completed a Series B round of financing, raising a total of RMB 9.4 billion ($1.3 billion).
The round was provided by state-owned and private investment institutions, reflecting the capital market's favorable view of IM Motors' long-term growth potential and prospects, it said, without disclosing who the investors are.
The funds will be used for research and development of core technologies including digital intelligent chassis, steer-by-wire, and smart driving, as well as to support the company in accelerating new product launches, IM Motors said.
In 2025, IM Motors will launch two battery electric vehicle (BEV) models and two extended-range electric vehicle (EREV) models to enter markets with more space, it said.
The EV maker currently sells two sedans, the IM L6 and IM L7, and two SUVs (sport utility vehicle), the IM LS6 and IM LS7, all of which are BEVs.
China's major EV makers primarily targeted the BEV market in their early days, but with Li Auto (NASDAQ: LI)'s huge success in the EREV market, virtually every local EV maker except Nio (NYSE: NIO) has either launched or plans to launch EREV models.
IM Motors' 5th model would feature extended-range technology, which would make up for the fact that the current average EREVs only have a 200-kilometer range on battery power and can't be fast-charged, the EV maker's co-CEO Tao Liu said in February this year.
On June 6, local media outlet 36kr said in a report that IM Motors' first EREV would be an SUV to be released in the first quarter of 2025 and to take on Li Auto's Li L7.
IM Motors set up its EREV program in the second half of 2023, hoping to gain market share quickly, the report said, citing a person familiar with the matter.
The five-seat Li L7 was launched in February 2023 and is currently priced at a starting price of RMB 301,800.
The Li L7 is one of Li Auto's main selling models. In January-November, 120,851 units of the Li L7 were delivered, contributing 27.34 percent of Li Auto's deliveries in the same period, according to data compiled by CnEVPost.
IM Motors delivered 10,007 vehicles in November, its second consecutive month over the 10,000 mark, according to data it released earlier this month.
($1 = RMB 7.2989)
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