- The defunct WM Motor may hold a launch event for new models later this month, according to a local media report.
- WM Motor today hinted it will soon announce new developments regarding its restart.
The defunct WM Motor is reportedly poised to unveil a new model, kickstarting its comeback efforts.
The electric vehicle (EV) maker may hold an event for a new model later this month, local media Lanjinger reported today, citing sources.
Earlier today, WM Motor hinted on Weibo about imminent progress regarding its relaunch, saying, "Good news is coming soon. Stay tuned."
This will involve multiple aspects including products, service networks, suppliers, and more, Lanjinger's report said, citing a source.
WM Motor's after-sales service has not yet fully resumed, but the after-sales team is on duty and work continues to advance, the report cited an after-sales-related source as saying.
The company currently maintains over 90 after-sales service outlets, which will be expanded, the report noted.
WM Motor was founded in 2015 and achieved mass production of its first vehicle in 2018. It operates two vehicle assembly plants in Wenzhou, Zhejiang province, and Huanggang, Hubei province.
The company faced a financial crisis in late 2022 and applied for bankruptcy review in October 2023.
In March 2024, the court confirmed its insolvency, formally initiating substantive consolidation and reorganization proceedings.
In early September, WM Motor announced that Shenzhen Xiangfei Automobile Sales Co had become the restructuring investor and new shareholder of its four operating entities, taking control of these entities.
The new WM Motor planned to produce and sell 10,000 to 20,000 EX5 and E5 vehicles in September, with projected revenue of RMB 1 billion ($140 million) to RMB 2 billion, according to a September 6 announcement.
It would also establish a KD (Knocked Down) assembly plant in Thailand this year to expand into Southeast Asian and Middle Eastern markets.
($1 = RMB 7.1209)
