IM MOTORS RAISES $1.1 BLN IN ONE OF CHINA EV BRANDS' BIGGEST RECENT DEALS

IM Motors, the premium electric vehicle brand of Chinese automaker SAIC, announced on Friday that it has successfully raised over 8 billion yuan (approximately $1.1 billion). This substantial funding will be allocated towards the development of new smart car models and innovative technologies. The Series B round of equity financing marks one of the largest investments into Chinese EV brands in the past couple of years. Notably, it follows significant investments by Abu Dhabi-based CYVN into NIO and Stellantis' acquisition of a 21% stake in Leapmotor for $1.6 billion.

IM Motors, established in 2020 through a collaboration between SAIC, Alibaba, and Shanghai Zhangjiang Hi-Tech Park Development, stated that the fresh capital will also facilitate its expansion into international markets. SAIC has expressed intentions to introduce IM Motors' vehicles to overseas markets, including Europe, later this year.

State-backed investors participating in IM Motors' latest funding round include Bank of China's asset management unit, an investment arm of Agricultural Bank of China, and the Shanghai government-backed Lingang Group.

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