China's WM Motor to restart production after government-backed revival plan
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Chinese electric vehicle maker WM Motor plans to restart production in Wenzhou after a government-backed revival plan. New owner Shenzhen Xiangfei Auto Sales Co. aims to launch over 10 new models in five years, targeting annual output of 1 million units by 2030. The company has received support from local governments for financing and potential subsidies. WM Motor, founded in 2015, has faced challenges including price wars and the impact of COVID-19, leading to significant losses in recent years.
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