Apollo Future Mobility News Today

WM Motor China Restructure: Founded in 2015 by renowned auto veteran Freeman Shen, WM Motor was seen to be among rising Chinese EV startups Nio , Li Auto and XPeng. Its backers included Chinese tech giant Baidu and Shanghais state-owned asset regulator.

Chinese electric vehicle startup WM Motor has filed for bankruptcy, an example of yet another once-promising EV upstart that has been pushed to insolvency as bigger players gain market share and Chinese spending on big ticket items dwindles. WM Motor, backed by Baidu and Tencent, was one of the most well-funded EV startups in China, alongside Nio, Li Auto and XPeng. As it turns out, that money wasn't sufficient to compete in China's EV market, where automakers are crumpling under pre...

WM Motor, another promising Chinese EV startup, has filed for bankruptcy as bigger players gain market share and Chinese spending on big ticket items declines. WM Motor, Nio, Li Auto, and XPeng were China’s best-funded EV startups, backed by Baidu and Tencent. Investors gave the company over $5.3 billion, including $1.47 billion in 2020. Unfortunately, …

Key Takeaways: Kaixin Auto aims to become a new energy vehicle maker with its acquisition of WM Motor and another NEV maker, even as the industry heads toward consolidation

Caixin Global provides the latest China news headlines on politics, economy, business and finance with insight and in-depth analysis.

Caixin Global provides the latest China news headlines on politics, economy, business and finance with insight and in-depth analysis.

Apollo recently unveiled its plans for going electric, which took us a bit by surprise. We thought the obsc...