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Chinese EV startup WM Motor has filed for bankruptcy in Shanghai, according to the National Enterprise Bankruptcy Information disclosure platform website.
Chinese used car dealer Kaixin Auto Holdings signed a non-binding agreement to fully acquire WM Motor by issuing new shares, announced the Beijing-based buyer on September 11, without disclosing further details.
China’s EV industry braced for shakeout as prices plunge
Apollo Future Mobility will acquire WM Motor Global Investment, a subsidiary of Chinese EV maker WM Motor
Chinese EV start-up WM Motor’s CEO Shen Hui issued an internal letter, saying the company will cut 50% salary of M4-level and above managers and 30% salary of employees to cope with financial pressure.