(Yicai Global) Feb. 9 -- WM Motor has secured a CNY11.5 billion (USD1.8 billion) line of credit with a consortium of banks, which will mainly be sued to fund research and development, smart manufacturing and marketing.

Led by Shanghai Pudong Development Bank, the group of 11 banks and financial institutions in Shanghai has already handed over the first installment of CNY3.5 billion (USD543.5 million), the new energy vehicle maker said in a statement today.

Shanghai-based WM Motor, which also landed CNY10 billion in a D-round fundraiser in September, has qualified to apply for pre-listing tutoring, with a view to becoming the first emerging carmaker to debut on Shanghai’s Star market.

The firm’s latest funding reflects optimism over the prospects for leading NEV  producers in China, four of which have raised more than CNY100 billion (USD15.5 billion) recently.

WM Motor has attracted financing of CNY44 billion (USD6.8 billion), while Nio has raised over CNY42 billion. Xpeng Motors and Lixiang Automotive have banked CNY34.9 billion and CNY15.2 billion, respectively. Media reports have also said that Nio China is preparing for an initial public offering.

These four companies had a combined 14 percent of China’s NEV market between January and November last year, exceeding Tesla’s 12 percent, according to data from GF Securities.

WM Motor delivered more than 22,000 cars last year. The company’s new model, the SUV W6, is equipped with Baidu’s Apollo self-driving technologies. Deliveries will begin during this year’s Shanghai Auto Show, the firm said.

Editors: Tang Shihua, Tom Litting