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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 Shanghai's 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 pressure to introduce new smart features and luxury products at increasingly lower price points.
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
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