Although Chinese electric vehicle startup WM Motor hasn't had as strong a year as its local counterparts, including NIO, that hasn't affected its business layout.
WM Motor established the Weima Intelligent New Energy Vehicle Import and Export (Shanghai) Co on July 14 with a registered capital of $3 million, according to data provider Qichacha.
The company's business scope includes import and export of goods, import and export of technology, import and export agency, sales of new energy vehicles, and information consulting, possibly paving the way for its potential future efforts to expand into international markets.
The company is wholly owned by Weltmeister International Trading Limited, according to Qichacha.
NIO, XPeng Motors and Li Auto all recently reported June delivery figures. WM Motor, on the other hand, which had previously been expected to report the data, did not.
In fact, WM Motor has not announced any single month sales so far this year, in contrast to its peers including NIO.
However, according to the China Passenger Car Association, WM Motor sold 3,082 units in May and 11,658 units in the previous five months.
Base on this, WM Motor's sales in the first half of the year should not have much chance to exceed 20,000 units.
WM Motor's first sedan, the M7, will be released within 2021, the company's founder, chairman and CEO Shen Hui announced Thursday.
The car will have powerful self-driving hardware with multiple LiDARs and 500-1000 TOPS of computing power. By comparison, Tesla's chip has 144 TOPS of arithmetic power.
Shen did not reveal more information about the model, but it will probably be based on the previous WM Motor Maven concept car.
WM Motor, once seen as one of the most promising EV makers in China, lags behind its local peers