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

In recent months, shares of Electric Vehicle makers, including that of Tesla Inc, have surged with auto makers looking to the markets for funds.

Incidentally, China’s Xpeng Inc and Li Auto Inc are both listed in the New York stock exchange.

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.

The startup aims to channel funds to develop intelligent vehicle technologies and expand its sales channels.

According to sources familiar with the matter at hand, WM is eyeing a STAR board listing and has begun preparing for it.