China’s WM Motor to restart production after government-backed revival plan

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Chinese electric vehicle maker WM Motor said on Saturday it aimed to resume production and launch new models at its plant in the eastern city of Wenzhou after new owner Shenzhen Xiangfei Auto Sales Co. took over part of the struggling firm.

The EV startup, which once counted Chinese tech giant Baidu as a backer, filed a restructuring plan in 2023 as it struggled to make profits in the capital-intensive auto sector.

“The resumption of work and production at the new WM Motor has received strong support from the Shanghai and Wenzhou municipal governments,…



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China’s WM Motor to restart production after government-backed revival plan



Chinese electric vehicle maker WM Motor said on Saturday it aimed to resume production and launch new models at its plant in the eastern city of Wenzhou after new owner Shenzhen Xiangfei Auto Sales Co. took over part of the struggling firm.

The EV startup, which once counted Chinese tech giant Baidu as a backer, filed a restructuring plan in 2023 as it struggled to make profits in the capital-intensive auto sector.

“The resumption of work and production at the new WM Motor has received strong support from the Shanghai and Wenzhou municipal governments,…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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