WM Motor to Target Funding Worth $1 Billion for Series-D

Tesla’s rival, Chinese electric car maker WM Motor has completed its first quarter of 2019 with series-C funding and now is aiming to secure the series-D financing in the next six months, says Rupert Mitchell, Chief Strategy Officer on CNBC’s conference of East Tech West, China on Tuesday. WM Motor is aiming funding of $1 billion in the next six months to target the new model.

 

WM is ready to launch its new model, EX6 SUV on Friday at Guangzhou Auto Show. The Chinese tech giant had gone under a mass production last year and now has 20,000 cars on road that are manufactured in its facility of Guangzhou city. Mitchell told that MW will be closing in after completing the construction of its second manufacturing facility at Hubei province of China. He also added that the company is targeting a new launch each year for next several years.

 

The excitement for next six months would be about witnessing the second generation living engine operating system. The company claimed that the operating system will be incorporating machine learning and few interesting social features will be added as well.

 

Brian Gu, vice-chairman and president of Xpeng Motors have said that the ultimate game changer will be autonomous driving but manufacturer’s pace is important. The company is backed by Foxcomm and Alibaba. It has recently secured series-C funding round of $400 million of its own by taking on Xiaomi, smartphone maker as its strategic investor.

 

Xpeng will be launching interior and price range for its second model, the P7, on Friday at Guangzhou Auto Show. The next introduced car will be equipped with autonomous driving levels of full level three, which means the car will be pilot and drive itself to familiar routes. Although, regulations still demand the driver to be behind the wheel so that he can resume control. The company is hoping by second half of 2020 to equip P7 with full three level automation. The company will inch towards a level four environment by advancement in sensor technology and algorithm with more data but that will take a long time.

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