BEIJING — Baidu-backed Chinese electrical auto EV startup WM Motor reported Tuesday it has raised ten billion yuan ($1.47 billion) in its most current funding round.

Shares of EV makers, like Tesla Inc. and Nio Inc., have surged in latest months and automakers are looking to the marketplaces for money.

Shanghai-based WM’s community rivals Li Auto Inc. and Xpeng Inc. are shown in New York.

Investors in WM’s most current funding round contain Shanghai’s condition-owned asset regulator’s investment decision corporations and SAIC Motor. WM did not disclose its valuation following the funding.

The funding will support WM further more build smart auto systems and expand sales channels. The business is eyeing a STAR board listing and has began preparing for it, persons common with the make a difference reported.