(Yicai Global) Dec. 6 -- Chinese new energy vehicle (NEV) start-up WM Motor has secured new funding from Baidu Inc. [NASDAQ:BIDU] through its investment arm, ahead of an event on Dec. 11 to unveil its first mass-produced car.
WM Motor will work with the internet giant to enhance artificial intelligence (AI) and autonomous driving features, said Shen Hui, founder of WM Motor. The company aims to build smarter electric vehicles to extend the sector's value chain and provide users with cost-effective products, he added.
Baidu aims to develop an open platform for AI and self-driving in China and sees WM Motor as a leader among rising automakers, Baidu Capital said in a press briefing.
The new round brings total funding to CNY12 billion (USD1.81 billion), WM Motor said without specifying the exact amount for this most-recent round. The NEV producer's first mass-produced vehicle, a smart SUV, will cost at least CNY200,000 (USD30,224) and feature a maximum autonomy of 600 kilometers. The product will enter mass production next year at the firm's manufacturing facility in Wenzhou, in China's eastern Zhejiang province.