Chinese EV Startup WM Motor Scores $1.8 Billion Line of Credit
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Chinese electric-vehicle startup WM Motor Technology Co. has secured a 11.5 billion yuan ($1.8 billion) line of credit from local banks as it inches closer to a planned public listing on Shanghai’s Star board.
The funding includes a first tranche of 3.5 billion yuan and comes from 11 lenders, led by Shanghai Pudong Development Bank Co., according to a statement from the Shanghai-based automaker Tuesday. Other banks include Industrial & Commercial Bank of China, Agricultural Bank of China Ltd., Bank of China Ltd. and China Construction Bank Corp.