Chinese electric vehicle maker WM Motor filed for self-initiated bankruptcy at Shanghai's Third Intermediate People's Court on Monday.
Previously, the company's holdings faced a freeze of 6 billion yuan (about US$926 million), with a term from September 27, 2023, to September 26, 2026.
Over the past six months, various holdings of WM Motor affiliates have been subjected to freezes. The founder, SHEN Hui, a former executive at Geely and Volvo, gained industry experience before founding WM Motor in 2012. Despite initial success, WM Motor's financial situation has deteriorated, with cumulative losses reaching 17.4 billion yuan from 2019 to 2021.
