Chinese EV Startup WM Motor Files for Bankruptcy

Chinese EV Startup WM Motor Files for Bankruptcy

Chinese electric vehicle (EV) startup WM Motor has filed for bankruptcy, citing a lack of funds and the coronavirus pandemic as the primary reasons for its failure.

WM Motor was founded in 2015 and had raised more than $1.8 billion in funding from investors such as GGV Capital, Baidu, and Tencent. The company had planned to launch its first mass-market electric vehicle in 2019, but the launch was delayed due to the pandemic.

Impact of the Bankruptcy

The bankruptcy of WM Motor is a major setback for the Chinese EV industry, which has been growing rapidly in recent years. It is also a reminder of the challenges that startups face in the current economic climate.

The company’s failure highlights the importance of having adequate funding and a solid business plan. It also serves as a warning to other startups that they must be prepared for unexpected events such as the coronavirus pandemic.

WM Motor’s bankruptcy is a reminder that the EV industry is still in its infancy and that there are many risks involved in launching a new venture.

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