Chinese electric vehicle startup WM Motor has completed its Series D round of financing, led by Hefei Industrial Investment and Guidance Fund Co. with an investment of 1 billion yuan, according to the Beijing News.

Shanghai Automotive Industry (Group) Corporation followed with an investment of RMB 500 million, the report said, adding that WM Motor is valued at nearly RMB 35 billion ($5.17 billion) after completing its Series D round of investment.

After the Series D round, WM Motor will submit an application for listing on China's Nasdaq-style sci-tech innovation board, also known as the STAR market, in October, and is expected to go public as early as this year, the report said.

Late in July, Bloomberg reported that WM Motor was considering an IPO at Shanghai's Star Market as soon as this year, aiming for a post-IPO valuation of more than $4.3 billion.

The Shanghai-based company is working with financial advisers, the report said, citing people with knowledge of the matter.

Those considerations are still in the early stages, and details, including where and when the IPO will take place, are subject to change.

Last week, WM Motor and Qualcomm announced a partnership to support the adoption of Qualcomm-powered automotive digital cockpit and 5G experience in future models of the Chinese EV maker.

WM Motor will feature the third-generation Qualcomm Snapdragon Automotive Digital Cockpit platform and Qualcomm Snapdragon Automotive 5G platform in new production models from early 2021, Qualcomm said in its official WeChat account.