This photo taken on June 8, 2019 shows a staff member (left) of WM Motor talking with a visitor during the 18th Shenyang, International Automobile Industry Expo in Shenyang, in Liaoning province. (PHOTO / AFP)

BEIJING - Baidu-backed Chinese electric vehicle (EV) startup WM Motor said on Tuesday it has raised 10 billion yuan (US$1.47 billion) in its latest funding round.

 WM Motor said on Tuesday it has raised 10 billion yuan (US$1.47 billion) in its latest funding round

As enthusiasm builds for more climate-friendly vehicles, shares of EV makers, including Tesla Inc and Nio Inc, have surged in recent months and auto makers are looking to the markets for funds.

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Shanghai-based WM's local rivals Li Auto Inc, Xpeng Inc are listed in New York.

Investors in WM's latest funding round include Shanghai's state-owned asset regulator's investment firms and SAIC Motor. WM did not disclose its valuation after the funding.

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The funding will help WM further develop intelligent vehicle technologies and expand sales channels. The company is eyeing a STAR board listing and has started preparing for it, sources familiar with the matter said.