China EV Startup Aims for $1 Billion in Funding

One of China’s newest electric-vehicle startups, WM Motor Technology Co., expects to raise $1 billion in its first round of fundraising.

Freeman Chen, who founded WM Motor last year, tells Bloomberg News the company’s management team represents “profound experience” in the industry, unlike those at other EV startups.

Chen is a former executive with Volvo Cars owner Zhejiang Geely Holding Group. A 22-year veteran of the auto industry, his career also included stints at Fiat Chrysler Automobiles and supplier BorgWarner. He boasts that his team includes experts in everything from product development and supply chain management to production and sales.

WM Motor will target China’s mass market. “We don’t want to make toy-like luxury cars for the minority,” Chen declares. He says the company’s first EV will debut in 2018 and aims for annual sales of more than 100,000 units by 2021.

The would-be EV maker is developing two platforms and is already conducting road tests, according to Chen. He says the company will apply for a production license later this year and intends to erect a factory somewhere in eastern China.