IM Motors Raises 9.4 Billion Yuan Investment; Reaches 100,000 Deliveries Total

On December 25, IM Motors announced the completion of a B1 round equity financing totaling 9.4 billion CNY (1.29 billion USD).

The new financing is reportedly coming from both institutional and state-owned enterprises and the additional funds will be used to finance R&D in core technologies, such as digital intelligence chassis, steer-by-wire (only NIO ET9 has a commercial product), and ADAS.

The investment will also be used to launch four new products in 2025, including two pure electric and two extended-range vehicles.

Co-CEO Liu Tao had previously revealed that IM will produce its next generation hybrid car in Zhengzhou in 2025.

IM Motors product expansion into EREV follows several other emerging brands, including Leapmotor, XPeng, Deepal, and HIMA brands.

This B1 round closing follows news that IM Motors had exceeded 100,000 in cumulative delivery since inception.

IM Motors currently sells four vehicle models in China, the L7, LS7, L6, and LS6, two mass-market (LS6/L6) and two high-end (LS7/L7) pure electric vehicles.

In November, the company delivered a total of 10,007 units, reaching a year-to-date cumulative delivery volume of 57,500 vehicles.

Liu Tao previously revealed that the company’s sales target for 2024 was between 120,000 to 130,000 units, with a monthly average exceeding 10,000 vehicles.

However, through the 11 months of 2024, IM was only able to break the 10,000 level twice.

Moreover, the company’s YTD sales represent only 47.9% of IM’s lower sales guidance.

In order to ramp up sales volume, IM has announced a year-end promotion of five-year interest free purchase financing for the LS6 and L6 in December.

This promotion is similar to Tesla’s 5-year zero-interest financing, offered since April 2024 and extended until end of 2024.

In addition, IM offers a number of purchase subsidies, including an insurance subsidy of 5,000 CNY, cash subsidy of 3,000 CNY on the IM LS6, and a lifetime subscription to IM’s AD 3.0 intelligent driving system.