(Yicai Global) Sept. 22 -- China's WM Motor Technology, which plans to get listed on Shanghai's Star Market next year, has completed the largest single round of funding among Chinese new energy vehicle startups.

WM Motor has finished its CNY10-billion (USD1.5 billion) Series D round of financing, led by state-backed carmaker SAIC, the Shanghai-based firm said in a statement today. Other participants include familiar names such as Baidu and SIG Asia Investment, as well as new ones such as Sino IC Leasing and Hongta Tobacco Group.

Shen Hui, former BorgWarner China chairman and chief executive of Fiat China, founded WM Motor in 2015. By late August, the company had delivered 34,000 EX5 crossover sport-utility vehicles since September 2018.

WM Motor will use the raised funds mainly for smart technology research and development, branding, digital marketing, and sales channel expansion.

The startup will invest CNY20 billion in the next three to five years to lure 3,000 top engineers around the world to create vehicles that meet Chinese users' demand, the firm said, adding that it will launch highly autonomous L4 autopilot solutions next year. 

The company's D round of financing reflects investors' confidence in the smart NEV sector's outlook and their brand recognition, said Shen Hui, founder and chairman.

Tech giant Baidu is WM Motor's largest institutional shareholder after taking part in all the four rounds. The pair has teamed up on autonomous valet parking technology, showcased at the Baidu World Conference on Sept. 15. 

Editor: Emmi Laine