IM Motors raises $1.1 billion in one of China EV brands' biggest recent deals
Reuters
Published Mar 01, 2024 06:43AM ET
BEIJING (Reuters) -IM Motors, a premium electric vehicle brand of state-owned Chinese automaker SAIC, said on Friday it has raised more than 8 billion yuan ($1.1 billion) to work on new smart car models and technologies.
IM Motors' Series B round of equity financing was among the biggest investments into Chinese EV brands in the past two years, following Abu Dhabi-based CYVN's combined $3 billion investments into NIO and Stellantis (NYSE:STLA)' $1.6 billion purchase of a 21% stake in Leapmotor (HK:9863).
IM Motors, co-founded by SAIC, Alibaba (NYSE:BABA) and Shanghai Zhangjiang Hi-Tech Park Development in 2020, said the new funding will also be used to support its overseas expansion.
SAIC has said it plans to export IM Motors' cars to overseas markets including Europe this year.
State-backed investors in IM Motors' new capital raise included Bank of China's asset management unit, an investment arm of Agricultural Bank of China (OTC:ACGBF), and Shanghai government-backed Lingang Group, IM Motors said in a statement.
IM Motors said Chinese battery giant CATL, autonomous driving startup Momenta, and SAIC-invested battery firm QingTao Energy Development contributed to the new capital raise.
($1 = 7.1987 Chinese yuan renminbi)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.