IM Motors, a Shanghai-based electric vehicle (EV) manufacturer, is gearing up to expand its model lineup in 2025 with the launch of two battery electric vehicle (BEV) models and two extended-range electric vehicle (EREV) models. This move marks the company’s entry into the hybrid market for the first time.
To support its growth and development plans, IM Motors recently closed a Series B round of financing, raising a total of RMB 9.4 billion ($1.3 billion) from state-owned and private investment institutions. The funding will be allocated towards research and development of core technologies such as digital intelligent chassis, steer-by-wire, and smart driving systems, as well as to accelerate new product launches.
Currently, IM Motors offers two sedan models, the IM L6 and IM L7, along with two SUV models, the IM LS6 and IM LS7, all of which are BEVs. With the upcoming addition of BEV and EREV models in 2025, the company aims to tap into new markets and cater to a wider range of customers.
The decision to venture into the EREV market comes on the heels of Li Auto’s success with its extended-range electric vehicles. IM Motors’ co-CEO, Tao Liu, highlighted the need for extended-range technology to address the limitations of current EREVs, such as limited battery range and slow charging capabilities.
Reports suggest that IM Motors’ first EREV model, set to be launched in the first quarter of 2025, will be an SUV aimed at competing with Li Auto’s popular Li L7 model. The company initiated its EREV program in the second half of 2023 with the goal of rapidly gaining market share in the evolving EV landscape.
In November, IM Motors reported a significant milestone with over 10,000 vehicle deliveries, marking the second consecutive month of surpassing the 10,000 mark. This positive growth trajectory underscores the company’s potential for expansion and success in the competitive EV market.
As IM Motors continues to innovate and diversify its product offerings, the recent financing round and upcoming model launches position the company for sustained growth and competitiveness in the electric vehicle industry. With a strategic focus on technology advancements and market expansion, IM Motors is poised to make a significant impact in the evolving landscape of electric mobility.
