Chinese EV Startup WM Motor Files for Bankruptcy After Pandemic Struggles
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WM Motor, a leading Chinese EV startup, has filed for bankruptcy after 8 years due to pandemic struggles and capital drying up.
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Founded in 2015 by CEO Freeman Shen, WM Motor raised over $1.5B in investments and went public in China in 2021.
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WM Motor produced EVs under its Weltmeister brand, targeting mass market vs luxury. Sales stumbled during the pandemic.
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The company has begun restructuring to cut costs and seek new investors for a "rebirth".
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WM Motor vows to continue customer service and improve products after emerging from bankruptcy.