WM Motor's new owner announces EV maker's comeback, set to resume production this month

The restructured WM Motor aims to produce and sell 10,000 to 20,000 vehicles this year, with projected revenue ranging from RMB 1 billion ($140 million) to RMB 2 billion.It plans to launch over 10 new products within the next five years and expand into overseas markets.(Image credit: WM Motor)The paralyzed WM Motor has found a new owner and is poised to restart production following a financial crisis at the end of 2022 and a restructuring earlier this year.Shenzhen Xiangfei Automobile Sales Co has become the restructuring investor and new shareholder of WM Motor's four operating entities, taking control of these entities, according to an announcement released today on the EV maker's official social media accounts.Xiangfei said it is fully committed to rapidly resuming mass production of WM Motor's EX5 and E5 models at the manufacturing base in Wenzhou, Zhejiang province, and outlined its upcoming plans. Join us on Telegram or Google News The restructured WM Motor aims to produce and sell 10,000 to 20,000 units of the EX5 and E5 models this year, projecting revenue between RMB 1 billion ($140 million) and RMB 2 billion.The company will also introduce an A00-class sedan and a compact SUV this year, with a combined production target of 10,000 units to diversify its revenue streams.It will also establish a KD (Knocked Down) assembly plant in Thailand this year to expand into Southeast Asian and Middle Eastern markets.By 2026, the new WM Motor aims to operate at full capacity with an annual production target of 100,000 vehicles, projecting annual revenue to approach RMB 10 billion and creating over 3,000 jobs.From 2027 to 2028, the company's sales volume will expand to over 300,000 units, supported by additional final assembly lines for multi-model production, it said.The new WM Motor plans to launch more than 10 new products over the next five years, covering sedans, SUVs, MPVs (multi-purpose vehicles), and crossovers.Xiangfei expects to invest RMB 1 billion in the initial phase for equipment upgrades, supply chain restoration, and product development.The company has assembled a 143-member team comprising 78 Xiangfei employees and 55 former WM Motor staff, accelerating recruitment to build a 400-person core team.The restart of WM Motor's operations received support from the Shanghai and Wenzhou municipal governments, which provided a stable and favorable environment, the announcement said.Founded in 2015, WM Motor achieved mass production of its first vehicle in 2018. It operates two vehicle assembly plants in Wenzhou, Zhejiang province, and Huanggang, Hubei province.The company faced a financial crisis in late 2022 and filed for bankruptcy review in October 2023. In March 2024, it was confirmed insolvent by the court and formally entered substantive consolidation and reorganization proceedings.($1 = RMB 7.1329) Neta reportedly set to resume production Employees at Neta's factory in Tongxiang, Zhejiang, have received their full July salaries, indicating that the company is set to resume production, according to a local media report.