Tech
China’s WM Motor to restart production after government-backed revival plan
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Chinese electric vehicle maker WM Motor said on Saturday it aimed to resume production and launch new models at its plant in the eastern city of Wenzhou after new owner Shenzhen Xiangfei Auto Sales Co. took over part of the struggling firm.
The EV startup, which once counted Chinese tech giant Baidu as a backer, filed a restructuring plan in 2023 as it struggled to make profits in the capital-intensive auto sector.
“The resumption of work and production at the new WM Motor has received strong support from the Shanghai and Wenzhou municipal governments,…
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