SHANGHAI and HONG KONG, Nov. 30, 2021 /PRNewswire/ -- WM Motor Holdings Limited ("WM Motor," the "Group" or the "Company"), a dominant smart EV player in China's mainstream market, today announced a Series D2 financing of US$152 million led by Agile Group Holdings Limited ("Agile"), an integrated conglomerate specializing in property development and management in China. Financial advisors in this transaction included Brocade River Merchants.
The new funding comes on the heels of a US$305 million Series D1 funding round in early October. This brings WM Motor's total capital raised in the fourth quarter of 2021 to US$457 million, representing the largest investment towards the mainland China smart EV companies during the past 12 months. The Company also expects that a few other prestigious investors will join to bring the total fund raising to over US$500 million. The Company will use the capital to accelerate the development of autonomous driving and other smart technologies and products, as well as its sales and service channels nationwide.
In addition to the equity financing, WM Motor and Agile have also entered into a strategic partnership agreement to fully leverage their respective resources to conduct deep cooperation in branding, sales and services network, charging facility development, automotive financing, supply chain financing, after-market services, and other innovative auto-related projects.
"Agile's financial support, vast presence and strong local sales teams across China significantly expands our reach in China's growing smart EV market where we are securing our spot as a key player, as well as strengthen our O2O (online-to-offline) strategy," commented Mr. Freeman H. Shen, founder and chief executive officer of WM Motor. "In addition to the substantial cash infusion, we are thrilled to have secured such a meaningful partnership with Agile. By bringing WM Motor smart EVs sales and services to Agile property across China, potential users can experience and test drive our smart EVs in-person, amplifying both our products and brand exposure. WM Motor and Agile target user groups are also well aligned. With numerous synergistic sales opportunities, we are eager to co-develop O2O marketing campaigns, enact joint promotional activities and explore user service opportunities. Each of these measures is designed to advance our smart EV sales, with the ultimate goal of leveraging our technology to make smart EVs affordable for everyone."
Agile's property management sector serves more than three million households, covering 31 provincial-level divisions and 199 cities in China. The growth of Agile's real estate sector is also expected to bring a minimum of 50,000 new accounts and 400,000 new potential users every year. This broad user base along with Agile's extensive network of local sales representatives are expected to offer WM Motor substantial presence across China with elevated user experience.
Mr. John Bi, chief financial officer of WM Motor, said, "2021 has been a fruitful year for WM Motor so far. While the global chip shortage swept the entire auto industry, our business has shown remarkable resilience and experienced steady overall development. With strong support from our investors, users and business partners, we have great confidence in our ability to boost our sales for next year. With the additional funds from our recent financings, we will continue to invest in the development of cutting-edge smart EV technology as well as broadening and deepening our sales and service channels. We are grateful for Agile's confidence in our core capabilities, outstanding products and extensive partnership as we ramp production and delivery of our groundbreaking M7 Sedan."
WM Motor has achieved many milestones this year. In April, the Company commenced delivery of its W6 model and has successfully expanded its all-star line-up and user reach. The W6 is the world's first mass-produced vehicle with L4 autonomous driving and Automated Valet Parking (AVP) technology, featuring the cutting-edge 7-nanometre processor "Qualcomm SA8155P" and the most advanced smart cockpits, as well as the world's leading electric powertrain system. Total vehicle delivery from January to October 2021 achieved a record 34,068 units, exceeding the Company's full year 2020 total sales. In October, the Company premiered its first smart, all-scenario, 100% electric sedan, the WM M7, marking the jumpstart of the Company's "SUV + sedan" dual product line and a significant step forward in its "technology for all" commitment. The M7 is the inaugural product in WM Motor's Master series to bring together the Company's profound cumulative experience in design, R&D, manufacturing and supply chain management to create the world's first all-scenario-capable intelligent mobile space and which aims to establish a new benchmark for all-scenario intelligent driving and interaction. Mass production and delivery of the M7 are expected to commence in 2022.
About WM Motor Holdings Limited
WM Motor Holdings Limited is a dominant player in China's mainstream smart electric vehicle market. To date, the Company has delivered over 80,000 vehicles. WM Motor focuses on designing and manufacturing vehicles for the largest and fastest growing segment of China's smart EV market and is recognized as one of the most popular brands among tech savvy young families. WM Motor differentiates itself by producing user-defined vehicles that offer full life-cycle personalization enabled by all channel user data and full-domain OTA on a learning basis of vehicles and users. The Company has also produced the industry's only vehicle that is equipped with L4 Automated Valet Parking (AVP) technology and offers electric SUV models with the highest number of ADAS functions in China's smart EV market, which brings an unparalleled smart driving experience demonstrating differentiated smart cockpit features. WM Motor operates two fully self-owned and highly automated factories, enabling the Company to seamlessly integrate in-house research and development and manufacturing, which lays the foundation for the utmost safety and reliability of vehicles delivered.
To learn more about WM Motor, please visit www.wm-motor.com/en.
About Agile Group Holdings Limited
Founded in 1992, Agile is an integrated conglomerate specializing in property development and management with an extensive presence in a diversified range of businesses. Adhering to the brand concept of "Lifestyle of a Lifetime," Agile has always been devoted to the pursuit of high quality of life, and committed to be a provider of premium lifestyle offerings since its establishment.
For more information, please visit: https://www.agile.com.cn/.
Investor Relations Contact
WM Motor Holdings Limited
Mr. John BI, CFO
E-mail: [email protected]
Tel: +86-021-6012 8009
SOURCE WM Motor