After a turbulent period marked by financial struggles and restructuring, WM Motor, the Chinese electric vehicle (EV) manufacturer, is poised for a major comeback. New ownership under Shenzhen Xiangfei Automobile Sales Co has breathed fresh life into the company, which is set to restart production this September at its manufacturing base in Wenzhou, Zhejiang province.
A New Chapter Begins
WM Motor faced a severe crisis at the end of 2022, culminating in a bankruptcy filing in late 2023 and court-approved insolvency proceedings early this year. The company’s assets—including operations tied to its popular EX5 and E5 electric SUV models—were acquired by Shenzhen Xiangfei Automobile Sales Co, which now controls the four key WM Motor entities.
In a recent statement broadcast over WM Motor’s official social media accounts, the new owner committed to rapidly resuming mass production at the Wenzhou plant. The move signals a robust effort to restore WM Motor’s presence in the fiercely competitive Chinese EV market.
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Ambitious Production and Revenue Targets
The restructured WM Motor has laid out ambitious goals: producing and selling between 10,000 and 20,000 units of the EX5 and E5 models by the end of 2025. This production capacity is expected to generate revenue between RMB 1 billion ($140 million) and RMB 2 billion, a significant milestone in the company’s revival journey.
To diversify its product offering and revenue streams, WM Motor also plans to launch an A00-class sedan and a compact SUV within the same year, targeting a combined production of 10,000 units. These models are expected to fill gaps in the highly competitive entry-level EV market.
Expanding Horizons: Thailand and Overseas Markets
Part of WM Motor’s growth strategy includes international expansion. The company will establish a knocked down (KD) assembly plant in Thailand by the end of 2025. This facility will serve as a springboard for further growth into Southeast Asia and Middle Eastern markets, capitalising on the increasing demand for affordable, high-quality electric vehicles in these regions.
Full Capacity Plans and Job Creation by 2026
Looking ahead, the revamped WM Motor aims to reach full production capacity by 2026, with an annual manufacturing target of 100,000 vehicles. This scaling-up is projected to yield annual revenues approaching RMB 10 billion and create over 3,000 new jobs, contributing positively to local economies and the broader Chinese EV ecosystem.
Expansion during 2027 and 2028 will include additional final assembly lines to support the production of more than 10 new models, covering sedans, SUVs, multi-purpose vehicles (MPVs), and crossovers. Sales volume targets during this period are set to exceed 300,000 units annually, marking WM Motor’s return as a major industry player.
Reviving Operations with Strong Government Support
The company’s operational revival has been facilitated by goodwill and support from the municipal governments of Shanghai and Wenzhou. Local governmental bodies have fostered a stable and favourable environment, providing financial assistance and subsidies aimed at modernising production lines and advancing supply chain restoration.
Investment in Equipment Upgrades and Talent Acquisition
To realize its ambitious production goals, Xiangfei plans to invest RMB 1 billion upfront focused on new equipment, supply chain rehabilitation, and ongoing product development. The company has already built a core team of 143 employees — a blend of 78 Xiangfei veterans and 55 former WM Motor staff — and is actively recruiting to expand its workforce to approximately 400 key personnel.
WM Motor’s Legacy and Industry Standing
Founded in 2015, WM Motor quickly established itself as a rising star among China’s new energy vehicle startups. By 2018, it began mass production at its plants in Wenzhou, Zhejiang province, and Huanggang, Hubei province. It was widely recognized for its durable EVs, such as the EX5, acclaimed for reliability and quality.
However, despite early success backed by substantial investments from major players like Baidu and Tencent, WM Motor struggled financially in a capital-intensive industry rife with fierce competition and market volatility. These pressures led to abrupt operational halts and diminishing consumer confidence.
Turning the Page: A New Dawn for WM Motor
The acquisition by Shenzhen Xiangfei represents more than just a change of ownership; it marks a reawakening of WM Motor’s vision to deliver competitive, innovative electric vehicles to the Chinese and international markets.
The company’s road-map emphasises a balanced approach—leveraging existing popular electric SUVs while innovating with new product lines and expanding production infrastructure. Combined with enhanced governmental support and investment in technology, WM Motor is positioning itself for sustainable growth.
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Conclusion
WM Motor’s revival story embodies the dynamic and sometimes volatile nature of China’s burgeoning EV industry. With Shenzhen Xiangfei’s backing, the company is on track to resume production, introduce new models, expand globally, and significantly boost revenue and employment by 2026.
As WM Motor rebuilds its brand and capabilities, it will be closely watched as a test case of resilience and adaptation within a highly competitive sector pivotal to China’s green energy ambitions and global electric mobility evolution.