The equity of Hubei Xinghui New Energy Smart Vehicle has been frozen, involving WM Motor Group

According to Qichacha APP information, the equity of Hubei Xinghui New Energy Smart Vehicle Co., Ltd. has been frozen, with a frozen amount of approximately 19.6762 million yuan, and the freezing period is from July 28, 2023 to July 27, 2026 . WM Motor Technology Group Co., Ltd. is the executor of the freeze. This case involves a sales contract dispute between Zhejiang Lihua Group Co., Ltd. and several companies under Weimar. The trial will be held on September 1.

According to the Qichacha APP According to the data, Hubei Xinghui New Energy Intelligent Vehicle Co., Ltd. was established in April 2017 with a registered capital of 6 billion yuan and the legal representative is Shen Hui. The company's business scope includes the manufacturing, sales and after-sales services of new energy smart vehicles, complete vehicles and related parts. WM Motor Technology Group Co., Ltd. is a wholly-owned shareholder of the company. It was established in January 2015 with a registered capital of RMB 6 billion. The legal representative is also Shen Hui. WM Automotive Technology Group Co., Ltd. is mainly engaged in the technical design and research and development, sales and after-sales service of new energy smart vehicles, as well as the production and sales of related auto parts, technical consulting and technical services, technology transfer and other businesses

Recently, WM Motor has faced a series of problems, including wage arrears, salary cuts, layoffs and production suspensions. In addition, WM Motor was also subject to execution for breach of trust due to failure to fulfill its debts, and company founder Shen Hui was also subject to measures to restrict high consumption. Despite this, WM Motor stated that it will pay off its debts in an orderly manner in accordance with the law and actively promote its new energy vehicle overseas plans. It is understood that WM Motor plans to resume normal operations and resume production in the near future. Not long ago, WM Motor released the news on its official Weibo that its new car was "ready to go" and attached a series of photos of cars waiting for shipment at the port, demonstrating the company's efforts in advancing its overseas plans

WM Motor’s equity freeze incident has attracted widespread attention in the industry, and people are very concerned about the future development and debt repayment of WM Motor. More details will be revealed during the court session on September 1. Industry insiders hope that WM Motor can properly handle the debt problem and resume normal operations as soon as possible to provide users with better products and services

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