Shanghai (ZXZC)- IM Motors, the premium electric vehicle brand co-backed by SAIC Motor, Alibaba Group, and Zhangjiang High-Tech, announced on March 1 the successful completion of its Series B equity financing, which raised for the company over 8 billion yuan.

IM LS6; photo credit: IM Motors

This substantial investment marks a significant step for the company in advancing its intelligentization strategy, fostering expertise in high-level intelligent driving, smart cabins, and control technology, while also providing a robust financial foundation, said the company. The funds are earmarked for the development of next-generation intelligent vehicle models, advanced intelligent driving systems, R&D of future smart cabin technologies, accelerated expansion of market channels, and international market entry, unlocking broader avenues for business growth.

The latest financing round was led by Bank of China Asset Management, with joint participation from Agricultural Bank of China Financial Asset Investment Co., Ltd., Lingang Group, and other entities. Technology companies such as CATL, Momenta, and QingTao Energy also joined as co-investors, contributing to the ongoing expansion of the company's ecosystem. Concurrently, existing backers, including SAIC Motor, ICBC Financial Asset Investment Co., Ltd., and BOCOM Investment, have further increased their investment commitments.

Since the completion of its Series A funding, IM Motors has launched three mid-to-large battery electric vehicle (BEV) models. Most recently, at the Geneva International Motor Show 2024, the company debut its fourth model, the IM L6.

IM Motors said it has made substantial strides in its intelligentization strategy. In the field of intelligent driving, the company's Navigation on Autopilot (NOA) systems dedicated to expressways, elevated roads, and urban areas have solidified its positions in the industry's top tier. Besides, it was among the first-batch automakers in China to receive the road test licenses for Level 3 autonomous cars.

In the first half of this year, IM Motors plans to put the IM L6 model onto the market. According to the automaker's introduction, the model boasts a 0-100km/h acceleration time around 2 seconds and a CLTC-rated range of over 1,000km. Furthermore, the advanced IM AD urban NOA system is set to enter the era of map-less urban NOA in June. By the end of the year, the commuting mode is expected to encompass 100 cities nationwide.