Type to search

IM Motors Raises $1.1bn in Major China EV Brand Deal

Premium electric vehicle brand IM Motors has raised more than 8 billion yuan ($1.1 billion) in its Series B round of equity financing. The money will be used on ‘smart car’ models and technologies

The IM Motors logo is seen on a car at the Geneva Auto Show in Switz 26-2-24 (Reuters).


China’s state-owned carmaker SAIC said on Friday its premium electric vehicle brand IM Motors has raised more than 8 billion yuan ($1.1 billion).

Money from IM Motor’s Series B round of equity financing will be used on new smart car models and technologies, the group said.

It added that the amount was among the biggest investments into Chinese EV brands over the past two years, following Abu Dhabi-based CYVN’s combined $3 billion worth of investment in NIO and Stellantis’ $1.6-billion purchase of a 21% stake in Leapmotor.


ALSO SEE: Tesla-BYD Lock Horns in China With Deep Discounts, Incentives


IM Motors, which was co-founded by SAIC, Alibaba and Shanghai Zhangjiang Hi-Tech Park Development in 2020, said the new funding will also be used to support its overseas expansion.

SAIC has said it plans to export IM Motors’ cars to overseas markets including Europe this year.

State-backed investors in IM Motors’ new capital raise included Bank of China’s asset management unit, an investment arm of Agricultural Bank of China, and Shanghai government-backed Lingang Group, IM Motors said in a statement.

IM Motors said Chinese battery giant CATL, autonomous driving startup Momenta, and SAIC-invested battery firm QingTao Energy Development contributed to the new capital raise.


  • Reuters with additional editing by Jim Pollard




Chinese Outbound EV Investment ‘Hit Record High in 2023’


China’s BYD Confirms Mexico Factory Plan But Rules Out


BYD Set to Test Autonomous Driving on High-Speed Roads


BYD’s First Vehicle Charter Sets Sail Loaded With 5,000 EVs


Chinese EV ‘Invasion’ Forces Western Rivals to Slash Costs


BYD Plans EV Production Base in Hungary



Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.


AF China Bond