Electric vehicles in China speed up again

Despite the cut in state subsidies, electric car manufacturers have sped up their production to maintain customers' interest and to compete with outsiders.

Electric vehicle manufacturer WM-Motor has closed its Rmb3 billion $446 million Series C round of funding.

Tech giant Baidu led the round, together with Shanxi Financial Holding Group and Linear Venture.

WM-Motor has accumulated Rmb23 billion in funding so far from a blue chip list of investors that include Tencent, SIG and Sequoia, as well as Baidu. The startup has also been able to attract talents like Rupert Mitchell, the former co-head of Asia-Pacific equity syndicate at Goldman Sachs, to be its chief strategy officer. 

Baidu said that it wanted to apply its autonomous driving technology to WM’s vehicles...

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