SAIC Motor, Baidu and Susquehanna International Group led a $1.5bn Series D round in WM Motor.

Shanghai state-owned investor group, including SAIC Motor, Baidu and Susquehanna International Group, led a $1.5bn Series D round in WM Motor, a Chinese electric vehicle startup. State-owned investment institutions from Anhui, Jiangsu, Hubei and Hunan as well as strategic investors including Yangtze River Industry Fund, SDIC, Guangzhou Finance Holdings Group, Sino IC Leasing, Tsinghua Unigroup, Hongta Group, Agile, and Yingke Capital all participated in the round. With the accumulated funding, WM Motor will strengthen its investment in intelligent technology research and development, brand building, digital marketing and channel expansion.