Hyperdrive
Tesla’s China Rival WM Motor Considers Star Board IPO
- Startup working with advisers, could list as soon as this year
- Shanghai firm counts backers including Baidu and Tencent
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WM Motor Technology Co. is weighing an initial public offering in Shanghai as rival electric vehicle manufacturers battle for a domestic market increasingly dominated by Tesla Inc., said people familiar with the matter.
The Shanghai-based company is working with financial advisers on plans for a STAR board listing as soon as this year, said the people, who asked not to be identified as the information is not public. WM Motor is expected to seek an offering that would value the carmaker at more than 30 billion yuan ($4.3 billion), the people said.