The automotive industry as a whole has been picking up the pace in terms of EV adaptation, with the majority of the offerings coming from China. However, it seems one brand has struggled, the latest victim is WM Motors.
WM Motors Bankruptcy
It was reported by Reuters that the Chinese EV maker has been having issues with its operations ever since the COVID-19 pandemic. Such issues include a sluggish market, inconsistent prices of raw materials, and other setbacks pertaining to the brand’s capital needs have driven them to struggles.
Before the brand reached this final resort, it tried to enter into a merger with a US-listed used car dealer Kaixin Auto Holdings. Another deal with Hongkong based Apollo Future Mobility fell through the wayside. This drove the brand to file for bankruptcy dated October 9, 2023.
WM Motors was founded in 2015 by Freeman Shen, who was a former Geely Executive and a one-time chairman of Volvo’s China operations. The brand exuded promise and even expanded as far as the Philippines through a partnership with local distributor EVOxTerra.
With this latest development, we aren’t sure yet how this will affect the local sales and distribution of the WM brand.
