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.
WM Motor, a smart electric vehicle manufacturer, announced that it had received $152 million in its D2 round financing.
On October 22, Chinese electric vehicle maker WM Motor released its first sedan M7, which will go sale in 2022.
Baidu Apollo, an open-source autonomous vehicle technology platform, and WM Motor, a new energy vehicle manufacturer, officially released two new cars on Tuesday, both of which are based on the WM Motor W6 SUV.
Zhang Ran, partner and CFO of WM Motor, revealed in an interview on October 15 that the company has successfully completed a D1 round of financing this month and will look towards listing overseas in the future.
In last week’s VC news, integrated circuit chip developer SJ Semiconductor has raised $300 million in a Series C round to expand R&D investment, and more.