Founder and chairman of WM Motor is reported to have flown to New York on October 16, leaving 40 billion yuan worth of debt behind.
In the last few months, Chinese electric vehicle maker WM Motor has experienced a series of upsets, such as internal salary reductions, headquarter layoffs, co-founder resignations and about 130 million yuan ($18.9 million) of assets being frozen.
Five companies recently applied to Chinese courts to freeze property owned by a subsidiary of electric vehicle firm WM Motor totaling about 130 million yuan ($18.9 million). Legal bodies have now agreed to the appeal.
In 2018, Chinese automaker Geely sued its rival WM Motor on the grounds of infringing upon its trade secrets. The case has been tried many times over the last few years. The latest judgment showed that WM Motor needs to compensate Geely to the tune of 7 million yuan.
WM Motor, which is still looking for new financing channels, plans to list in Hong Kong through a reverse takeover with Apollo Smart Travel, the latter of which is mainly engaged in the travel business, vehicle platform authorization and engineering service outsourcing.
Half a year has transpired since Chinese electric vehicle startup WM Motor submitted its application for a public listing, but a lack of progress with those plans has caused it to consider alternative paths, such as reverse merger.
After WM Motor founder Freeman Shen's annual salary of 1.2 billion yuan ($164 million) aroused heated discussion, the Chinese second-tier electric vehicle maker is now reportedly carrying out large-scale salary reductions, including a 50% cut in executive pay.
After public listings by XPeng, NIO and Li Auto in China and overseas, the second echelon of the country's electric vehicle industry, including firms such as Leapmotor, WM Motor, and Aiways, is embarking on a new round of IPOs in a bid to secure more funding.
A prospectus released recently by Chinese EV maker WM Motor has triggered hot debate in the country. The high pay received by Freeman Shen, the firm's Founder, Chairman and CEO, has drawn scrutiny amid declining company revenue and major losses.
On July 15, six vehicle companies including Leopaard began to undergo merging and restructuring. Hongdian New Energy, with Chinese EV startup WM Motor as a shareholder, has been chosen as the exclusive investor for restructuring.
Freeman Shen, Founder, Chairman and CEO of WM Motor, issued comments on Tuesday through Chinese social media regarding the future prospects of electric vehicle supercharging technology.
Chinese automaker WM Motor has submitted its application for a public listing to the Hong Kong Stock Exchange (HKEx), with Haitong International, CMB International and BOC International serving as joint sponsors.
On May 20, Chinese electric vehicle firm WM Motor released a brand-new Public Automated Valet Parking (PAVP) product, a solution for unmanned automatic parking in non-fixed parking areas in public lots.
A WM Motor EX5 vehicle in Haikou, China's Hainan province, suddenly emitted smoke and caught fire a few minutes after charging on April 18.
On Friday, WM Motor, an electric vehicle startup, launched the 2022 version of its E.5, a smart, pure electric sedan including two models with price tags (after subsidies) of 180,100 yuan ($28,251) and 190,100 yuan ($29,820).
On Monday, Chinese electric vehicle startup WM Motor announced it will release its newest 2022 E.5 on April 15th. The new model features a 58.6 kW/h ternary lithium power battery.
An accident involving the spontaneous combustion of a WM Motor EX5 model occurred in Sanya, Hainan on January 20 this year, causing public concern about driving safety.
On Monday, Chinese electric vehicle startup WM Motor said that it will unveil its 2022 E.5 at the Beijing Auto Show.
At 3:00 in the morning on December 23, a new energy vehicle parked on Gangfeng Road, Haikou, Hainan caught fire, affecting nearby vehicles and buildings.
Electric car brand WM Motor held an automated parking technology theme event at the Baidu Apollo Park in Beijing's Yizhuang District on Sunday, for which China Aerospace ASES provided exclusive technical support.