WM Motor’s sales, which exceeded 35,000 units in both 2021 and the previous year, dropped to just 1,387 in the first eight months of this year.
WM Motor reflects the boom-and-bust cycle among smaller players vying it out in the world’s biggest EV market, where BYD now accounts for about one-third of all new energy vehicle sales, pushing the likes of WM Motor to the sidelines. At one point, WM Motor was regarded as one of the most promising Chinese EV startups, backed by Baidu Inc and Tencent Holdings Ltd, setting delivery records and considering a listing on China’s answer to the Nasdaq.
Source: Car News Wire (carnewswire.net)
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