Chinese EV Maker WM Motor’s Co-founder Lu Bin Resigns as WM Seeks to List on Star Market
Lu Bin, the co-founder and chief travel officer of WM Motor, resigned on Aug. 5, Chinese media Auto-time reported citing sources familiar with the matter.
WM Motor declined to comment, Auto-time reported.
Headquartered in Shanghai, WM Motor is an automobile company co-founded in 2015 by Shen Hui and Lu Bin, as said on the company’s website. Shen is a former Geely Automobile vice president and former Volvo Car Global Senior Vice President, who now runs WM Motor as its CEO.
Lu served as the deputy general manager of the sales company under Geely Automobile before the establishment of MV Motor. His previous job mainly focused on the research of user needs, brand and market planning, and was responsible for the implementation of a single-brand strategy, which means cutting costs and stopping production of its other three sub-brands.
Before his resignation, Lu was in charge of WM Motor’s strategic planning and execution and had established business systems such as product planning, marketing, sales channels, customer management, public relations, after-sales support, and travel services, 36Kr reported.
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In September last year, Shen announced in the company’s internal letter that Senior Vice President Lu Bin will serve as chief travel officer, leading the travel business unit to deepen the company’s development in the field of traveling, passenger banking and business-to-business-related cooperation. He will directly report to Shen.
Recently, Auto-time reported citing the information from China’s enterprise information query tool that Shen and Lu were withdrawn from the main staff list of Zhejiang WM Motor Sales Co., Ltd.
Deemed as an emerging provider of new energy vehicle products and travel solutions, WM Motor officially delivered its first full-vehicle interactive intelligent pure electric SUV WM EX5 in September 2018, squeezing itself into the leading companies in the new car-making forces to achieve batch delivery, WM Motors said on its website.
Up to now, WM Motor has completed six rounds of financing with the total disclosed financing reaching approximately 17 billion yuan, 36Kr reported. The most recent financing occurred in October last year when WM received a 3-billion-yuan C+ round of financing led by Baidu Online. According to Bloomberg News, the company is seeking to list its shares on the STAR Market, which is expected to be completed as soon as the end of this year.