IM Motors – Gasgoo

Shanghai (Gasgou)- IM Motors, a premium electric vehicle maker jointly backed by SAIC Motor, Alibaba Group and Zhangjiang High-Tech, recently signed a deal with a group of financial institutions worth 5 billion yuan ($723.06 million) , the automaker said. February 24th via WeChat account.

The group of lenders includes SAIC Finance, Industrial and Commercial Bank of China, Bank of Communications, Bank of China, China Construction Bank, Agricultural Bank of China, Merchants Bank, Bank of Shanghai and Shanghai Pudong Development Bank.

IM Motors said the syndicated loan and shareholder support reflect the confidence of financial institutions in IM Motors’ entry into the intelligent electric vehicle market and provide firm support for its continuous innovation in user value.

The latest move comes after IM Motors completed its Series A equity financing last August, led by BOCOM Capital Management Co., Ltd. and followed by existing shareholder SAIC Motor.

IM LS7; photo credit: IM Motors

IM Motors launched its second production model and first SUV model, the IM LS7, on February 10 this year. When it comes to automatic intelligence, IM LS7 is equipped with NVIDIA’s OrinX intelligent driving chip, two LiDAR units, Qualcomm’s 8155 SoC, AMOLED 2K interactive screen, and more.

IM Motors added that it expects the number of its brand experiences and distribution centers to surge to 220 by the end of 2023, covering more than 60 Tier 1 and Tier 2 cities in China. IM Motors – Gasgoo

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