According to media reports, the Shanghai No. 3 Intermediate People’s Court recently issued an announcement stating that,WM Motor's reorganization process has been officially launched, and a creditors meeting will be held in March.It is understood that WM Motor was established in 2015 and its founder is Shen Hui. It is one of the earliest new car-making forces in China. WM Motor was once one of the leading new car-making companies in China.Its market position is second only to NIO, Xpeng Motors and Li Auto.
In 2019, WM Motor ranked second among new car manufacturers with a delivery volume of 16,876 units, second only to Weilai; a total of 16,810 units of its first model EX5 were delivered.Ranked first among the new car-making forces in terms of bicycle delivery volume that year.
In 2020, WM Motor also raised RMB 10 billion.It is the largest single round of financing in the history of a new car-making force.
On December 13, 2023, WM Group officially submitted an application for pre-reorganization to reorganization to the Shanghai No. 3 Intermediate People's Court.
On December 29, 2023, the Shanghai No. 3 Intermediate Court ruled to accept the case, and the "Civil Ruling" was delivered to Weimar Group on January 2, 2024.
WM Motor stated in a subsequent announcement that although WM Group is currently facing a liquidity crisis,However, it still has certain value and potential in terms of product technology, industrial chain, market operations and manufacturing capabilities.
Before and during the pre-reorganization application, Weimar Group actively negotiated with stakeholders and negotiated with international and domestic intended strategic investors, and has achieved preliminary results.