WM Motor is part of what has been described as the ‘Fab Four’ of China’s electric vehicle (EV) producers, alongside NIO, XPeng and Li Auto. It is the only unicorn in the group, however, following the IPOs of the other three in New York.

WM Motor is said to be planning to follow its peers into a public listing, although more likely in Shanghai. Backed by Baidu and Tencent, it is also different to competitors like Nio and Xpeng in its focus on the mass-market for its cars, rather than the higher-priced luxury segment. Its flagship model, the EX5-Z, was selling for about half the price of a Tesla Model 3 at the start of this year, for instance.

WM Motor pulled in another $1.5 billion in a fundraising round in September last year led by state-owned carmaker SAIC Motor, which is based in Shanghai, where WM Motors is headquartered.

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