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Weima Automobile will complete the financing of D-round or land on the Kechuang Board early next year.
Sep 11,2020 15:24CST
translation
The content below was translated by Tencent automatically for reference.

SMM Network News: September 10, there are media reports that Weima Automobile D-round financing has been completed, the leading investor from SAIC. It is expected that Weima Motor will complete the industrial and commercial changes in the past two weeks. It will begin to declare the Kechuang Board at the end of September and land on the Kechuang Board at the beginning of 2021.

According to the report, the financing leader of Weima Automobile D-round is Shanghai Automotive Industry (Group) Corporation, which is the shareholder of Shanghai Automobile Group Co., Ltd. According to the investigation and handling of the enterprise, Weima Motor has completed seven times of financing since its establishment in 2015, with industrial investors such as Shanghai Automotive Industry Group and far East Hongxin as the main investors. there are also Internet giants represented by Baidu and Tencent, as well as industrial funds represented by Yangtze River Industrial Fund and Minmetals Capital.

Since the beginning of this year, affected by the epidemic and continuous thunderstorms by a number of new power car companies, the capital market has become more and more cautious in investing in new power car companies, but the head new power car companies can still be favored by capital. After receiving the support of the Anhui provincial government, Weilai Motor has recently received a comprehensive credit of 10.4 billion yuan from six banks, while ideal and Xiaopeng have successively listed in the United States, with a total market capitalization of more than 10 billion yuan respectively.

In the past two years, Weimar has maintained a relatively steady momentum of development among the new power car companies. In August this year, its monthly delivery volume was 2057, an increase of 143% over the same period last year. The cumulative sales of its first intelligent pure electric SUV Weima EX5, have exceeded 30, 000 since it was delivered in September 2018. In addition, Weimar today released the "IdeaL4" technology strategy, focusing on the research and development of intelligent cockpit, digital architecture, platform three-electric system and self-driving technology. According to the plan, Weimar will invest 20 billion yuan in the next 3 to 5 years to apply these forward-looking technologies to mass-produced models.

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