WM Motor

The company, which markets its cars under the Weltmeister brand, secured substantial funding from prominent investors like Baidu and Tencent. It established manufacturing facilities in Wenzhou and Huanggang, with the Wenzhou plant having an initial annual capacity of 100,000 units. The first model, the EX5 SUV, launched in 2018, followed by other models including the EX6, W6, and E.5 sedan. However, the company faced significant headwinds, including intense market competition, rising material costs, supply chain disruptions, and the economic impact of the COVID-19 pandemic. These challenges were compounded by product quality issues that reportedly led to vehicle fires. Consequently, after several unsuccessful attempts to secure further funding through public listings, WM Motor filed for pre-restructuring in October 2023.

Following a court-approved restructuring plan in April 2025, WM Motor was taken over by a new investor, Shenzhen Xiangfei Automobile Sales Co. The company is now embarking on an ambitious comeback strategy with government support. The plan involves resuming production of its E5 and EX5 models and introducing over 10 new models in the next five years, covering pure electric and extended-range vehicles. The revived entity aims to achieve full production capacity by 2026 and is targeting international expansion, including building a knock-down plant in Thailand to serve Southeast Asian and Middle Eastern markets. The long-term vision includes reaching an annual production of one million units by 2030 and eventually pursuing an initial public offering.