No car, but Chinese startup raises US$1 bil in funding

Over in China, news has emerged of a Chinese automotive concern reportedly managing to raise US$1 billion in funding. Not a biggie, except that the company in question is a startup, one without a car concretely in the works, so it goes.

The company in question is called WM Motor, founded by Freeman Shen, who is said to have accomplished quite a fair bit during his time at Geely and Volvo – word is that Shen was supposedly instrumental in the Chinese automaker’s acquisition of Volvo from Ford in 2010.

However, the amount claimed in the funding round isn’t a confirmed thing. Details on the deal are limited, and no investor names have been disclosed, leading to plenty of questions, as Tech in Asia reports.

Not much coming off the Shanghai-based company’s website either – based on the limited info, the eventual product/s tout German engineering/design in the mix, and online sales and a nod towards electric vehicles is also alluded to. There’s also mention of modularity in construction, but that’s about it.

If it runs as claimed, the funding raised by WM Motor would make it the largest Series A round ever raised in China, and quite possibly the largest Series A round raised ever. Until WM Motor offers more details or investors name themselves and confirm the numbers, it pretty much remains speculative, the report adds.

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