Alibaba-Backed IM Motors Completes Initial Funding Round

Chinese EV brand IM Motors announced its signing of a Round-A Equity Financing Agreement, bringing the company’s overall valuation to nearly 30 billion yuan ($4.4 billion).

The financing was led by Bank of Communications Capital Management, an equity investment platform of Bank of Communications Group, and SAIC $SAIC Motor Corporation (600104.SH)$ continued to make additional investments. At the same time, many investment institutions such as ICBC Investment $ICBC (01398.HK)$ , CITIC Securities $CITIC SEC (06030.HK)$ have been introduced.

Established at the end of 2020, IM Motors is a high-end electric vehicle brand jointly built by SAIC $SAIC Motor Corporation (600104.SH)$ , Zhangjiang Hi-Tech $Shanghai Zhangjiang Hi-Tech Park Development (600895.SH)$ and Alibaba Group.

Liu Tao, the co-CEO of IM Motors, said that IM Motors directly targets traditional luxury brands such as Mercedes-Benz , BMW and Audi in this field. According to the latest data, since the start of delivery on June 18th, IM’s L7 has delivered 1,051 units in total, the volume of which is expected to continue growing in August.