Chinese EV startup VM Motors raises $1 billion in funding

Posted on 26 Aug 2016 by Michael Cruickshank
A VM Motors concept car design. Image courtesy of WM Motors.

A relatively unknown Chinese electric vehicle (EV) startup has managed to surprise the automotive world with an enormous initial investment round.

This month VM Motors, based in Shanghai, announced that it had raised over a billion dollars in funding – a figure almost unprecedented for an automotive startup. VM Motors itself was established by Freeman Shen, a former executive from Zhejiang Geely Holding Group Co., the Chinese conglomerate that bought Volvo in 2014. “We have profound…

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