(Yicai Global) Dec. 1 -- WM Motor has secured USD152 million in its latest funding round led by property developer Agile Group Holdings, the Chinese electric vehicle maker said yesterday.

WM Motor has raised USD457 million in its D Series so far, with a D1 round in October bringing in USD305 million, and it should top USD500 million before long, the Shanghai-based firm said.

Agile’s subsidiary Hongxin will also exchange 794 million shares in the Apollo Future Mobility Group worth HKD540 million (USD69.4 million) in return for a 1.45 percent stake. The developer, whose property management business reaches three million households in 199 cities, will hold 4.58 percent equity in the electric carmaker after the transaction.

“Agile’s financial support, vast presence and strong local sales teams across will China significantly expand our reach in the country’s growing EV market and strengthen our online-to-offline strategy,” said WM Motor founder and Chief Executive Officer Shen Hui.

WM Motor and Guangzhou-based Agile have also agreed to cooperate on branding, sales and services networks, charging facilities, automotive financing, after-market services and other auto-related projects.

WM Motors already has two sports utility models, the EX5 and W6, and a sedan, the M7, on the market. Sales jumped 66.6 percent in October from the same period last year to 5,027 units. Sales from January to November nearly doubled year on year to 39,095.

Agile’s share price [HKG:3383] was trading up 1.17 percent at 3.41 p.m. China time today at HKD5.20 (USD0.67).

Editor: Kim Taylor