IM Motors is planning its first public financing round, said CEO LIU Tao. Founded at the end of 2020, IM Motors is a high-end pure EV venture jointly owned by SAIC Motor, Zhangjiang Hi-Tech and Alibaba with SAIC holding 54 percent of the equity.

In April 2021, IM Motors’ first EV sold for 400,000 yuan (US$63,000), and its Angel is sold out on pre-orders. 

Covid, international tension, and the price of batteries have brought rising EV prices. However, there were 239 new energy vehicle financing events last year, worth a total of 364 billion yuan.