Founder Shen Hui's overseas whereabouts are reported: WM Motor faces bankruptcy review application

According to news on October 10, WM Motor Technology Group Co., Ltd. recently officially submitted an application for bankruptcy review and suffered heavy risk pressure. According to disclosed information, the company is facing an execution amount of more than 1 billion yuan and multiple equity freeze records, including an equity freeze of up to 6 billion yuan with a period of up to three years. This news is very disappointing, especially in the context that WM Motor and Kaixin Automobile have just reached a partnership.

According to the editor’s understanding, WM Motor’s recent announcement of cooperation with Kaixin Automobile attracted the attention of the industry, but the subsequent bankruptcy review and equity freeze have cast a shadow on the cooperation. WM Motor has previously partnered with Apollo Chuxing has cooperated in an acquisition transaction, but the transaction was terminated for some reasons, making WM Motor's "backdoor listing" plan impossible to realize.

Weima Motors reached a strategic cooperation with Ji Zhaojia Smart Heavy Industry Group in September this year, and plans to cooperate in the field of new energy commercial vehicles to cooperate with international giants Rivian and Tesla’s Cybertruck competition. However, due to various internal and external factors, WM Motor's prospects have become increasingly bleak.

Weima Motors was once an important company in the field of new energy vehicles in China, as famous as NIO and Xpeng Motors. However, since the second half of 2022, the company has frequently encountered negative news, including salary cuts, production suspensions, and dealer withdrawals, resulting in a sharp decline in its delivery volume. According to data from the Passenger Car Association, WM Motor's cumulative delivery volume in 2022 will be less than 30,000 vehicles, while this year it will be almost zero. Rumors about the resignation of WM Motor CEO Shen Hui have also persisted, although he has He responded that he was on a business trip. However, as the company fell into deeper troubles, the issue of Shen Hui's retention also attracted widespread attention from the outside world.

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