Shanghai (ZXZC)- IM Motors, the premium new electric vehicle (NEV) joint venture among SAIC Motor, Alibaba Group, and Zhangjiang Hi-Tech, announced on Thursday the deliveries of its first production model, the IM L7, reached 1,007 units last month, jumping 23.4% compared to the previous month.

As of August 2022, the NEV maker has delivered 2,058 L7s cumulatively since the nationwide delivery kicked off in mid-June.

IM L7; photo credit: IM Motors

IM Motors is working energetically on expanding its delivery and service network. The automaker has launched nearly 80 experience and delivery service centers in China by August, and the number is expected to be lifted to over 120 by the end of this year.In terms of financing progress, IM Motors announced on Aug.1 it had signed an agreement for its Series A equity financing. Upon completion of the first round of market-based funding, the EV maker sees its valuation grow to nearly 30 billion yuan ($4.346 billion). Its existing shareholder, SAIC Motor, also took part in this round.

IM Motors plans to put the LS7, a SUV model built on the same platform as the L7, onto the market in the second half of 2022. Delivery of the new model will begin this year as well.