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HONG KONG — Electric agent startup WM Motor, one of China’s aggressive challengers to Tesla, said it aloft 10 billion yuan ($1.47 billion) from a accumulation of state-backed investors — amid others — afterwards the acknowledged banal market listings of bigger calm rivals.

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The latest annular of fundraising was led by the advance arm of the Shanghai government and SAIC Motor, one of the better Chinese state-owned car companies, WM Motor said in a account on Tuesday.

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The bounded governments of Hubei Arena and the cities of Suzhou, Hengyang, Hefei and Guangzhou invested through funds they control. Existing investors Baidu, the Chinese chase agent conglomerate, and U.S.-based Susquehanna International Accumulation additionally alternate in the fundraising.

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The new funding, which WM Motor says is the better distinct annular of costs for any arising calm EV startup, are accepted to accommodate much-needed basic for the five-year-old aggregation in adjustment to claiming Tesla on its home turf. WM Motor’s bigger calm competitors, including Li Auto, Xpeng Motors and Nio, all accept completed antecedent accessible offerings in the U.S. and accept apparent their stocks billow acknowledgment to growing broker absorption in blooming vehicles.

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The Shanghai-based company, which additionally counts Tencent Holdings amid its investors, said it will recruit 3,000 top engineers globally in the abutting three to bristles years to body an ecosystem that connects drivers, cartage and the alien environment, as able-bodied as adapting to the needs of Chinese barter and alley conditions. The funds will additionally be spent on accretion its abundance network, branding and marketing.

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“The achievement of the allotment annular reflects the aplomb of investors on the anticipation of China’s acute new activity agent industry,” WM Motor’s architect and CEO Freeman Shen said, abacus that abounding are cardinal investors committed to abiding development of the company.

Chinese media appear afresh that the aggregation is alive with banking admiral for a STAR Market IPO in Shanghai and is accepted to book the appliance in October. A WM Motor agent said it had no animadversion on the IPO.

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The portfolio of WM Motor’s new investors highlight the growing assurance of EV startups on accompaniment capital, as clandestine advance slows and antagonism rises. In April, the basic of the southern arena of Anhui agreed to accomplishment Nio, which was adverse a banknote drain, by accordant to advance 7 billion yuan for a 24.1% pale in Nio’s China entity.

Analysts apprehend accompaniment basic — including that from bounded governments and state-owned companies — to comedy a bigger role in the approaching of Chinese EV startups, and Beijing’s assurance to aggrandize the area will accumulate the money flowing.

That is abnormally accurate for WM Motor, which has afterpiece ties with players in the acceptable auto industry acknowledgment to the accomplishments of its management, according to analysts.

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“Compared to founders of above EV startups, the administration of WM Motor has added access with the government and the industry,” said Feng Linyan, an analyst at Beijing-based analysis aggregation EqualOcean.

Shen was a lath affiliate and accumulation carnality admiral at Geely, China’s better clandestine automaker, afore founding WM Motor. He oversaw Geely’s high-profile accretion of Swedish automaker Volvo Cars from Ford in 2010 and served as administrator of Volvo afterwards the accord was completed. WM Motor co-founder Lobo Lu and Chief Technology Officer Yan Feng additionally ahead formed at SAIC afore abutting the company.

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By contrast, the active of Nio, Li Auto and Xpeng Motors spent best of their careers in the internet industry afore affective to car manufacturing.

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Feng said the acquaintance of WM Motor admiral in the acceptable auto industry will advice the aggregation accession basic and defended action support, which will be crucial in the abutting date of competition.

Currently, WM Motor has two models for auction — a bunched crossover SUV, alleged the EX5, and a mid-sized all-electric SUV, the EX6 Plus. Last year it apparent the abstraction SUV archetypal Evolve, which is slated for assembly in 2021.

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