Shanghai (ZXZC)- The first public financing round of IM Motors, an electric vehicle joint venture among SAIC Motor, Alibaba Group and Zhangjiang Hi-Tech, has already been in the works, Liu Tao, co-CEO of IM Motors, recently revealed to a local media outlet.

IM L7; photo credit: IM Motors

Founded in December 2020, the joint venture owns the brand “IM”, which stands for “Intelligence in Motion”. SAIC Motor is currently the majority shareholder, owning 54% of the venture's shares, while Alibaba and Zhangjiang Hi-tech hold 18% each. The remaining 10% is reserved for employees and customers who provide research data.  

On April 17, the IM L7, the first production model under IM, formally hit the market. It comes with two variants—the Dynamic and the Pro, which are priced at 368,800 yuan ($55,280) and 408,800 yuan ($61,280) respectively.

Positioned as a full-sized luxury all-electric sedan, the IM L7 measures 5,098mm long, 1,960mm wide, and 1,482mm tall with a wheelbase of 3,100mm. Among L7's angel-round users, up to 72% are young intellectuals and nearly 60% are owners of traditional luxury cars, said Liu Tao. He added the figures indicated that traditional luxury vehicle owners are gradually shifting preference for premium intelligent electric vehicles.

The industry-wide problems such as the rise in raw materials prices and the chip shortage vex IM Motors as well, said Liu Tao.

IM Motors has adopted quite a few measures to alleviate pressures on supply chain. For instance, it utilizes an online system to communicate with suppliers, monitor the production status of auto parts, and discover problems of component production and development in real time.

As parts of the efforts to improve the supply chain, IM Motors is helping many new suppliers resume production amid the coronavirus resurgence. In addition, it is also considering the introduction of some suppliers bearing lower risks, said Liu Tao.