IM Motors, the electric vehicle unit of SAIC Motor Corp., announced on Wednesday the completion of its Series B1 equity financing, bringing its total Series B funding to 9.4 billion yuan (about $1.3 billion).

IM Motors revealed that this round of financing continues to be backed by Chinese state-owned investment institutions and market-oriented investment institutions.

The funds raised will be used to invest in research and development of core technologies such as digital intelligent chassis, steer-by-wire and intelligent driving and to accelerate the launch of new products.

In 2025, IM Motors will launch 2 pure electric and 2 extended range vehicles, totaling four new products.