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Briefing
Jul 10, 2020 · Leidichuwang
Briefing
Jul 10, 2020 · Leidichuwang

WM Motor Adds 46 New Offline Stores

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Jun 7, 2020 · Xcar
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Jun 7, 2020 · Xcar

WM Motor’s Sales Number in May

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Jun 3, 2020 · sina.tech
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Mar 30, 2020 · cb.com
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Mar 30, 2020 · cb.com

WM climbs 36% against the trend

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Mar 5, 2020 · 36 Kr
News EO
Oct 24, 2019
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News EO
Oct 24, 2019

WM Motor CFO Optimistic about Electric Car Market amid Flat Sales

Despite lackluster car sales in China, the chief financial officer of Chinese carmaker WM Motor says he remains confident about the future of electric vehicles in China. Zhang Ran (张然), partner and CFO of WM Motor Technology or Weltmeister (威马汽车), a Shanghai-based EV carmaker, told Securities Daily (证券日报) in a recent interview that although the industry is bound to experience highs and lows, it is on the right track and currently only going through a natural sorting-out process. “It’s not just about electric vehicles,” says Zhang, “but boils down to the three major developments: electrification, intelligent networking, and autonomous vehicles, which together will form an unstoppable trend.” He went on to say that one or two months is not enough to develop a long-term assessment of the NEV market. “[T]his September’s production and sales figures may be lower than last September's, but, overall domestic new energy vehicle production and sales figures have increased by over 20% since the beginning of this year.” Zhang commented that the NEV sector is actually a rare bright spot against the auto market slowdown of the overall automotive market. In his view, China’s national energy security strategy, which places high priority on the development of green NEVs, fuels the growth of this industry. In the end, it will be "up to consumers" to decide whether electric vehicles will outcompete traditional gas-fueled vehicles, he explained. Founded in 2015, WM Motor is one of a many NEV startups that are transforming China's transportation landscape. WM Motor is backed by lead investors Baidu and Tencent. Its fourth and latest round of funding this past March raised CNY 3 billion (USD 428.5 million), boosting the carmaker's total funding amount to USD 1.6 billion to date.  In April, WM Motor debuted its EX5 2.0 model and EX5 Pro model. Its next model, the EX6 Limited, is set to launch by the end of 2019.  WM Motor's month on month sales have slumped by 38.21 percent for the month of September, according to the China Automotive Technology & Research Center (CATARC) (中国汽车技术研究中心), with only 1,344 cars delivered in the same period. WM Motor has delivered only 12,656 vehicles since the beginning of this year, which fell far short of meeting its stated target of 100,000 units from last year.  In addition to their underwhelming sales figures, WM Motor and its three subsidiaries have also been the target of a major lawsuit by Geely (吉利汽车). Geely sued WM Motor for alleged infringement of commercial secrets and asked for CNY 2.1 billion (USD 300 million) in compensation, the highest amount ever for a domestic commercial intellectual property dispute.  In light of these events, Zhang’s comments may come across as an attempt to reassure investors that WM Motor can survive the current capital winter in China, the world’s largest auto market, where sales have been falling for 15 consecutive months as of this September .  In addition, government subsidies and tax breaks for NEV firms have also been slashed, further putting many NEV car companies under great financial strain in China. According to Janet Lewis of Macquarie, “the government’s lack of desire to support the market more is that they would like to see a rationalization take place, rather than having 50 different automakers.”  The auto market is just a bellwether of China's slowing economy. Not only the auto market, but China’s economic growth has been slowing as a whole. This is attributed largely to the slowdown in consumption of services and consumer expenditures, according to senior partners at McKinsey. Contrary to some narratives, the trade-war with the US, is rather a minor factor in the overall cooling of China’s economic growth. China’s net trade surplus accounted for only 0.78 percent of its GDP in 2018 and therefore is not a major cause for the slower growth. Trade tensions between China and the US may have had an indirect, albeit relatively minor, effect on consumer confidence and private sector investments into manufacturing. However, the disappointing performance of the auto industry should be seen as part of a greater trend – decreased consumption as well as changing Chinese consumer preferences and attitudes towards car ownership.  

News EO
Sep 3, 2019
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News EO
Sep 3, 2019

WM Motor Is Sued for Infringing Commercial Confidentiality by Geely

Chinese electric vehicle startup WM Motor (威马汽车) was accused of commercial confidentiality infringement by Geely (吉利汽车), the largest vehicle manufacturer in China, and sued for about USD 294 million. Geely already filed the lawsuit against WM Motor and its three subsidiaries last year but it released the news recently when the EV startup is seeking for a USD one-billion Series D round of funding. Bloomberg has reported this on July 1. The startup completed last round of funding in March, so far raising in total financings of USD 3.2 billion. Whether the lawsuit will impose negative impacts on the company’s fundraising still remains unclear. WM Motor denied the accusation and indicated its confidence to win at the court. It responded that the firm consistently focused on research and development, and put lots of efforts to protect intelligence property for WM Motor and other companies. As of June, the company was granted 1,076 patents. Before founding WM Motor, the company’s several senior managers worked at Geely. For instance, WM Motor’s founder and CEO Shen Hui (沈晖) joined Geely in 2009 and served as a vice president in charge of overseas acquisition. He was then named as the president of Volvo China after Geely purchased Volvo from Ford in 2010. The company’s co-founder and senior vice-president Lu Bin (陆斌) was a sales vice-president of a Geely’s subsidiary and he led the establishment of Geely dealer network before.

News EO
Aug 22, 2019
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News EO
Aug 22, 2019

WM Motor Launches Its Used New Energy Vehicle Brand, Eyes Secondhand Car Market

WM Motor showcased its used car brand at the conference of “New Energy Vehicle Residual Value 2019” on August 21. During the conference, WM Motor stated it would cut into the secondhand vehicle market through a business model of “direct purchase, direct refurbishment, direct sales, and direct rental.” The new business model covers every aspect throughout a complete lifecycle of a used car, such as trading, refurbishing and car leasing. WM Motor, therefore, formed a closed-loop from car manufacturing and selling to car replacement. “Electric motor, electronic control system and battery package are three essential parts of new energy vehicles, and battery package is the most important one among others. However, no industry standard and measurement method exist to assess residual value of battery yet,” said WM Motor’s founder and CEO Shen Hui (沈晖), “It is a challenge but also an opportunity for innovative enterprises.” WM stated their evaluating system, online trading platform, official refurbishment recognition and quality guarantee system of secondhand cars are created for the first time in the new energy vehicle-making industry. The company’s move indicates its ambitions of turning the dealer-orientated used car market to a manufacturer-orientated market, so as to improve residual value of electric vehicles from the source, lower replacement costs for users, and guarantee vehicle’s value in the secondary market. Electric vehicle sales of WM Motor reached 9,167 units over the course of the first seven months this year, ranking the second after Xpeng Motor that sold out 9,214 electric vehicles.

News EO
Jul 21, 2019
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News EO
Jul 21, 2019

WM Motor Is Building Its Own Charging Ecosystem

Chinese electric vehicle company WM Motor (威马汽车) reached a strategic partnership with a Chinese leading EV battery company, TGOOD (特来电), on July 18 as it aims to set up its own charging stations and build exclusive charging system. The EV maker, which was last valued at USD 5.67 billion after it completed Series C round of funding in March this year, said it would partner with TGOOD to set up its own charging stations in demand-intensive areas for MW users allowing them to enjoy the exclusive charging service. Charging stations would be jointly constructed and maintained by the tie-up. WM tends to improve its charging service via the partnership. For instance, it said its users would fuel electric cars by directly inserting the charger, and then the charger could automatically match cars and start working in a few seconds. WM also announced the "dual charging protection technics" that would record every charging process. While real-time monitoring of battery, the system would quickly respond to abnormal situations like overcharging. Sources from Bloomberg says over 300,000 public EV chargers were established in China by the end of 2018, far more than any other country in the world. But the number is expected to keep rising in the future. According to The National Development & Reform Commission, 4.8 million charging piles will be constructed by 2020 and the charging station market will expand to USD 26.8 billion at that time. In the increasingly competitive charging market, WM's decision to build its own charging system somehow promotes its branding effects, and unlike its competitors such as NIO who pursues fast charging, safety-first charging solutions may help distinguish WM from rest EV makers. Now, EV makers are paying more attention to charging services. For instance, NIO, WM's biggest domestic EV maker, announced spinning off its battery department and renamed it as a new subsidiary company. In addition to R&D of powering battery, the affiliated entity will focus on charging services such as battery swap, charger map and "one-click for power", see here for details. Early in 2017, WM started engaging in charging station market. By partnering with TGOOD, WM is getting closer to establishing a sound charging ecosystem.  

News EO
Jul 4, 2019
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News EO
Jul 4, 2019

WM Motor Sets Up Car Leasing Company

According to Qichacha (企查查), an online platform providing credit information of enterprises, reported that WM Motor had set up today a car leasing subsidiary in Tianjin in northern China. WM Motor itself holds a 75 percent stake of the new venture, and the remaining stakes are held by a Japan hotel.   This WM car leasing unit was registered with a paid-in capital of CNY 800 million (around USD 116 million) and its legal person is Liu Xianzhi (刘宪志). Earlier this year, Liu was appointed the vice president of WM Motor, taking charge of the financial affairs of the company. Shen Hui (沈晖), founder and CEO of WM Motor, is the chairman of the subsidiary. Several days ago, WM Motor kicked off of its Series D funding round. When interviewing with Bloomberg, Shen said the company expected to raise up to USD 1 billion, mainly from overseas investors. The newly-set subsidiary will be an ambitious move in the domestic market. Apparently, WM Motor can use the fund to invest in R&D and to scale production. Also, this kind of leasing will be beneficial to occupy as much as possible the market. Besides, by collecting feedback from lessee, the company is able to improve its current car models. The car leasing business is not a mature industry in China. Only in 2016 has the government approved the sale-leaseback financing, which is the major type of financing of car leasing companies. Today, many car manufacturers such as Ford, BMW, TOYOTA have started to expand their businesses to car leasing. Compared to third-party platforms, they have the advantage of abundant vehicle resources. Likewise, the WM car leasing company can rely on the car supply of its parent company and help the latter in various aspects, reaching a win-win situation.

News
Jul 2, 2019 · EO Company
News EO
Jul 1, 2019
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News EO
Jul 1, 2019

WM Motor to Start Its Series D Financing Round

According to Bloomberg, Shen Hui (沈晖), founder and CEO of WM Motor has said in today’s interview that the company is seeking overseas investments, which will probably amount to USD 1 billion. Besides, WM Motor has indicated that it has begun to prepare for its Series D round of funding, craving for overseas funds. The funds raised will be spent on R&D, marketing, customer service and so on. WM Motor also announced today that the warranty of all the battery packs will be extended to lifetime. For now, WM Motor does not possess self-developed electric systems. It purchases most components from first-class manufacturers in the world, such as BorgWarner, Inovance (汇川技术), CATL (宁德时代) and so on. With the money raised in its Series D funding round, WM Motor will try to develop on its own some core parts like battery packs.  Apparently, the trade dispute between China and the U.S has imposed much pressure on the company. Shen admitted that unless other industries, in the automotive industry the American companies “import a lot of components, technologies, and cars into China”, so the company needs to “be in the global equation”. WM Motor is a Chinese NEV manufacturer founded in May 2012. So far, the company has finished 6 rounds of funding. On March 8, WM Motor closed its Series C financing round with CNY 3 billion, led by Baidu and followed by Linear Venture (线性资本) and Taihang Industrial Fund (太行产业基金). According to Crunchbase, the total funding amount of WM Motor is approximately USD 1.6 billion.

News EO
May 10, 2019
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News EO
May 10, 2019

WM·GETnGO Adds Haikou Flagship Store

On May 8, the second flagship store under the flag of WM•GETnGO (威马·即客行), officially opened in Haikou, the first flagship store opened in Sanya in January 2019. GETnGO is a brand of WM Motor in the mobility field, and its existing businesses include public charging, city sharing and tourism sharing. Since the first store was established in Sanya, Hainan Province in January this year, it has achieved phased results: as of April this year, the rental rate of users in Hainan has exceeded 70%. During the "May Day" period, the demand exceeds supply and the rental rate has reached 100%. Intelligent electric cars have become a new trend of self-driving travel. According to LU Bin, Vice President of strategic planning for WM Motor, this is the company's first landing project in the travel-sharing service, which is jointly built by WM Motor and Hainan Province Transport Investment Holding Company Limited. As of April this year, WM•GETnGO has joined hands with six domestic mainstream charging operators to access 100,000 charging guns, covering 189 cities across the country. Since the opening of the first store in Sanya in January this year, the continuous investment of vehicle operating capability has increased by 100% compared with the initial opening. LU Bin once mentioned in the interview that the future layout planning, GETnGO will launch 2000 vehicles in 2019 to support the leasing project, LU said. In the future, based on tourism mobility, the tourism ecological system of "plane, high-speed rail, cruise, self-drive" in tourist destinations will be improved to facilitate the development of local smart tourism. In addition, the project will also provide WM owners with the preferential policy of rent-a-car deposit free and charging free. Its also planned to build 30-50 branches in the province to fully facilitate the development of smart tourism industry in Hainan by 2021.

News EO
Apr 16, 2019
News EO
Apr 16, 2019

WM EX5 Pro is Officially Available

On the first day of the Shanghai International Automobile Industry Exhibition, the new model EX5 Pro of WM Motor was officially launched. The pre-subsidy selling price is CNY 289,800, and the post-subsidy selling price is CNY 239,800, with a global limited sale of 3,000 units.  However, the price of this subsidy only lasts until June 25 this year, because China's subsidy policy will see a sharp decline after that. This comes just four days after the new WM EX5 officially hits the market at CNY 129,800. The WM EX5 Pro is a high-class vehicle based on the EX5. The length, width and height of the vehicle are 4600mm, 1850mm and 1650mm respectively, and the wheelbase is 2703mm, which is not much different from the latter. In terms of design, the front face of the new vehicle adopts the closed net shape, the volume of fog light area increases, and the edge is surrounded by a circle of LED lights. The new model is equipped with a 19-inch dedicated low-drag hub and aerodynamic sports kit, which reduces the vehicle's wind drag coefficient to less than 0.3 and supplemented by the Pro version's exclusive gentian blue color palette. Shenhui, Founder, Chairman and CEO of WM Motor, said that technology is dramatically changing our lives. With the arrival of 5G and artificial intelligence era, the evolution of intelligent electric vehicles is full of infinite possibilities, and China is the focus of this global change. The combination of technology and product will realize the comprehensive upgrade and iteration of user experience in the intelligent era and promote the sustainable development of WM. With the sports car gene, EX5 Pro will satisfy users' pursuit for the ultimate performance of electric vehicles. In addition,the WM EX6 and EVOLVE concept vehicle was also featured. EVOLVE CONCEPT with a range of 600km under the WLTP standard. With the new generation Ulti-charge technology, EVOLVE CONCEPT can be charged up to 300km in 15 minutes. The Living Pilot system takes the lead in realizing L3 intelligent driving assistance. Based on this scene, EVOLVE CONCEPT develops an immersive intelligent cockpit experience for users in the aspects of vision, hearing, touch and smell with the smart cockpit 2.0 with a 9 screen panorama.

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