WM Motor

WM Motor is a Chinese new energy vehicle (NEV) startup founded in January 2015 and headquartered in Qingpu District, Shanghai. The company was founded by Freeman Shen (Shen Hui), former Vice President of Geely Holding Group, Senior Vice President of Volvo Global, and Chairman of Volvo China. The English name "WM" stems from the German word "Weltmeister", meaning "World Champion", reflecting its vision of building world-class smart electric vehicles. Upholding the core philosophy of "inclusive technology", the brand's mission is to offer smart EVs that are "exciting to drive and affordable to own" for the masses. After remaining dormant for over two years, WM Motor announced its "revival" in September 2025, taken over by Shenzhen Xiangfei Automobile Sales Co., Ltd. to embark on a fresh chapter of resurgence.

Development History

Inception and Licencing (2012–2017): WM Motor's roots trace back to 2012, when co-founder Du Ligang established an R&D enterprise dedicated to EV "three-electric" systems (battery, motor, and electronic control). In January 2015, WM Motor was officially launched, setting up an R&D team in Germany with an initial 60-strong headcount. In 2016, WM Motor secured its Series A funding and inked an agreement with the Wenzhou Municipal Government in October to establish its first manufacturing plant in Oujiangkou Industrial Park, making it the first Chinese EV startup to construct its own vehicle assembly facility. In April 2017, its maiden concept car, the "AG2020", made its official debut.

Mass Production and Ascent (2018–2021): In April 2018, the company was officially renamed "WM Motor Technology Group Co., Ltd.". In September 2018, deliveries of its first mass-production SUV, the WM Motor EX5, commenced, swiftly penetrating the market thanks to its competitive pricing and practical specifications. In 2019, WM Motor delivered 16,900 vehicles, ranking second among EV startups behind only NIO; it subsequently rolled out models including the EX6, E.5, and W6. On the capital front, WM Motor raised over 10 funding rounds from Baidu, Tencent, Sequoia, SAIC Motor, and Shanghai state-owned investment platforms, with its valuation once soaring to RM47,000,000,000. However, between 2019 and 2021, the brand racked up cumulative net losses of RM17,435,000,000.

Operational Woes and Restructuring (2022–2024): From 2022 onwards, adverse reports regarding cash flow crunches, showroom closures, production halts, and retrenchments emerged continuously. By May of that year, WM Motor's monthly deliveries had plunged to 3,240 units. Following a failed backdoor listing attempt in early 2023, the company formally filed for bankruptcy reorganisation with the Shanghai No. 3 Intermediate People's Court in October, saddled with a debt-to-asset ratio of 462% and total liabilities amounting to RM20,367,000,000. In January 2024, the court accepted the pre-reorganisation filing, consolidating four WM Motor-linked entities under substantive joint reorganisation.

New Capital Injection and "Revival" (2025 to Present): On 3 April 2025, the court formally sanctioned the restructuring plan for the four WM Motor companies. On 6 September, new shareholder Shenzhen Xiangfei Automobile Sales Co., Ltd. announced a comprehensive takeover, pledging an initial investment of RM1,000,000,000 to restart mass production of the WM Motor EX5 and E5 at the Wenzhou manufacturing plant. Concurrently, functions on the official mobile app were gradually restored as the brand officially proclaimed its "revival".

Brand Matrix / Product Lineup

The WM Motor brand has rolled out five core models, spanning both SUV and sedan segments.

WM Motor EX5 is the brand's maiden mass-produced compact fully electric SUV, with customer deliveries starting in September 2018. Following its debut, it became WM Motor's primary volume driver, with cumulative sales surpassing 60,000 units by July 2021, priced between RM160,800 and RM189,800. WM Motor EX6 Plus is a mid-to-large all-electric SUV unveiled at the 2019 Frankfurt Motor Show, offering a more spacious interior with a six-seater layout and priced between RM239,900 and RM279,900. WM Motor W6 is China's first mass-produced smart electric SUV featuring autonomous driving capabilities; launched in April 2021, it highlights Level 4 Automated Valet Parking (AVP) and comprehensive smart connectivity, with prices ranging from RM189,800 to RM259,800. WM Motor E.5 is the brand's first mid-size smart all-electric sedan, boasting a wheels-at-the-corners design and class-above cabin space, priced from RM160,100 to RM190,100. WM Motor M7 serves as the brand's technological flagship, originally slated for a 2022 launch, equipped with 32 perception hardware sensors, 4 Orin-X chips (yielding 1,016 TOPS of computing power), and an NEDC-rated range exceeding 700 km. However, its mass-production programme was shelved due to the company's bankruptcy reorganisation, while concept vehicles like the Maven also remained purely at the show-car stage.

Market Performance

2019 was WM Motor's banner year, with total deliveries hitting 16,876 units and ranking second among EV startups. Between 2020 and 2021, annual sales hovered between 20,000 and 40,000 units. In 2021, WM Motor registered annual sales of around 44,000 units, with the EX5 contributing 25,597 units (approximately 58% of the total). In the first half of 2022, cumulative deliveries stood at 18,061 units, up 86.6% year-on-year; however, monthly deliveries in May slumped to just 3,240 units—at a time when peers like NIO, XPeng, and Li Auto each breached the 10,000-unit milestone, significantly widening the gap; deliveries continued to plummet thereafter, and the company ceased publishing sales figures from 2023 onwards.

In September 2025, the revived WM Motor unveiled a "three-stage" roadmap: Resurgence Stage (2025–2026), resuming production of the EX5 and E5 in September 2025 with an initial target of 10,000 to 20,000 units, scaling up to 100,000 units in 2026. Growth Stage (2027–2028), expanding annual sales to between 250,000 and 400,000 units, rolling out models equipped with high-level advanced driver assistance systems (ADAS), and kickstarting IPO preparations. Leapfrog Stage (2029–2030), targeting an annual output of 1,000,000 vehicles and revenue of RM120,000,000,000 by 2030.

On the retail front, the new WM Motor announced plans to establish a "four-in-one" domestic network comprising "Store (sales showroom) + Station (delivery, servicing, and body & paint) + Spot (community franchise outlet) + authorised dealership", targeting 100% city coverage. Meanwhile, overseas markets are eyed as the primary growth engine, with firm export orders already secured.

Core Technologies

WM Motor's underlying technical edge is anchored on three core pillars: proprietary "three-electric" development, smart manufacturing, and full-domain vehicle intelligence.

In powertrain engineering, WM Motor developed the Living Motion system, encompassing battery cells, modules, battery packs, thermal management, and overall vehicle control. Notably, WM Motor was the first EV startup to build its own traction battery pack facility with in-house module and pack-level R&D and manufacturing capabilities, alongside developing its proprietary EIC smart super EV platform. Its three-electric validation matrix spans 9 major vehicle testing domains, with battery packs engineered to rigorous safety standards.

Smart manufacturing represents another core competency. Completed in 2016, the Wenzhou Oujiangkou Industry 4.0 Smart Manufacturing Base boasts a 100% automation rate on its main production lines. The facility integrates machinery from world-class suppliers including Bosch, Siemens, FANUC, and KUKA, supporting a Customer-to-Manufacturer (C2M) bespoke production model. In addition, the Hubei Xinghui New Energy facility, representing a total investment of RM20,200,000,000, features five fully equipped automotive production workshops.

On the autonomous driving front, WM Motor's Living Pilot ADAS suite undergoes continuous iteration for comprehensive driving scenarios. The data-driven Living Engine vehicle interaction system supports full-vehicle Over-The-Air (OTA) updates and user-customisable interaction setups. The hardware architecture of the flagship M7 sedan was engineered with future capability to support Level 5 autonomous driving.

Global Expansion

Overseas markets have emerged as the primary growth catalyst for the revitalised WM Motor. Under its turnaround blueprint, the company will prioritise setting up a knock-down (KD) assembly facility in Thailand to drive local assembly and distribution across Southeast Asia and the Middle East. WM Motor is concurrently developing international sales channels covering A00-segment hatchbacks and compact SUVs, targeting an export share of 30% by 2026. The roadmap also outlines future expansion into Central Asia, Europe, and other regions to establish an extensive global sales footprint.

Future Outlook

WM Motor's "resurrection" leaves plenty of questions unanswered in the Chinese automotive arena. In 2026, the Xiangfei management began efforts to restart the Wenzhou plant, yet the full restoration of aftersales support remains an uphill task: as of early 2026, only around 90 traditional partner service outlets nationwide remained operational; models like the W6 still cannot link to the official mobile app, leaving factory servicing and local support unavailable; worse still, several insurance providers have refused comprehensive insurance coverage for selected models, forcing owners to purchase alternative vehicles from other brands for daily commuting.

New controlling shareholder Xiangfei Automobile holds a registered capital of just RM100,000,000, and a look-through analysis of its shareholding traces back to the Baoneng Group—an entity grappling with severe financial troubles of its own. While Xiangfei managed to reactivate idle assets via a white paper and an initial RM1,000,000,000 capital injection, the restructured WM Motor still faces a gruelling and protracted battle to rebuild credibility with suppliers, retail customers, and corporate fleet buyers. With market consolidation heavily favouring dominant players, the revived WM Motor faces a much tougher survival battle than it did in its early days. From its humble beginnings to its debt-laden restructuring and precarious revival backed by fresh capital, WM Motor's saga epitomises the harsh realities confronting EV startups—serving as a stark reminder to newcomers that falling behind in R&D investment, tech iteration, or consumer trust can prove fatal. In the years ahead, the sole litmus test of whether WM Motor can genuinely survive will hinge on its manufacturing execution and whether its new offerings can win back consumer confidence.