EV Industry

WM Motor plans a backdoor listing through a reverse takeover of Apollo Future Mobility Group, which is already listed in Hong Kong, according to local media.

Demand in China's NEV market has held steady amid high international oil prices, the CPCA said.

Evergrande NEV has suspended mass production of its sole model, the Hengchi 5, due to a lack of sufficient new orders, according to Reuters.

Hengchi's previous staffing structure was based on the company's need to develop nine models simultaneously, according to local media.

This is the biggest partnership so far reached by a new Chinese car maker overseas, local media said.

SemiDrive currently has four series of products with an annual output of one million chips.

In terms of retail sales, the penetration rate of NEVs in China is expected to be about 32.3 percent in November. This is a new historical record.

The number of WM Motor stores in Shanghai has been reduced from about 20 to about 12, and most of the stores in the city's shopping malls have closed, according to local media.

The model is the Lotus Envya, which will take on the Porsche Taycan, according to local media.

The Covid epidemic, rising raw material costs, and untimely parts deliveries have severely impacted WM Motor's production and operations, said WM Motor's CEO.