WM Motor, an electric vehicle maker backed by Baidu, has formed a strategic cooperation with TGood, one of the largest EV charging operators in China, according to WM’s WeChat account.
The two companies will co-build and co-maintain a WM-branded charging network so that all WM car users can have a sense of belonging when charging their vehicles. VM, which closed its Series C funding round at RMB 3 billion (USD 446 million) in March with Baidu as the largest investor, is seeking up to USD 1 billion in its Series D funding round, KrAsia reported earlier this month, based on statements made by the company’s founder Freeman Shen. TGood now has more than 12,000 charging stations.
WM differs from Nio, another Chinese EV maker, in that the latter has opened its charging services to all EV owners. The company is now spinning off its charging business to raise funds to expand its charging services to more cities.
The EV charging sector is currently drawing a lot of attention.
China’s Evergrande Group just set up a joint venture with the State Grid Corporation of China, the largest public utility in the world, to offer charging services.
Volkswagen established a joint venture with two Chinese automakers and Star Charge, one of China’s leading EV charging operators to establish smart charging infrastructure.
And Didi Chuxing, China’s largest ride-hailing platform, has also entered into a partnership with the government of Hainan province and China Southern Power Grid to provide comprehensive EV service solutions, including charging, on the tropical island.