WM Motor, an electric car startup led by Freeman Shen. The company has now reportedly raised $1 billion in funding, making WM Motor the latest well-funded startup hoping to make or sell electric cars in China. WM Motor plans build a factory in eastern China, launch its first electric car model in 2018, and eventually produce 100,000 cars per year. The company's cars will target the mass market in contrast to Tesla's current cars and Karma Automotive's planned first cars.