Chinese electric vehicle maker WM Motor said on Friday it has secured a new investor and will restart production after financial troubles pushed it into restructuring last year.
Shenzhen Xiangfei Automobile Sales Co has become the restructuring investor and shareholder of WM Motor’s four operating entities, taking control of the businesses, according to an announcement on the company’s official social media accounts.
Xiangfei said it is “fully committed to rapidly resuming mass production” of WM Motor’s EX5 and E5 models at its Wenzhou base in Zhejiang province. The restructured company targets production of 10,000 to 20,000 units of the two models in 2025, projecting revenue of between 1 billion and 2 billion yuan ($140 million–$280 million).
WM Motor also plans to diversify its line-up this year with the launch of an A00-class sedan and a compact SUV, targeting combined production of 10,000 units. To support international growth, it intends to establish a knocked-down (KD) assembly plant in Thailand to supply markets in Southeast Asia and the Middle East.
By 2026, the company aims to operate at full capacity with annual production of 100,000 vehicles, revenue of about 10 billion yuan, and more than 3,000 new jobs. From 2027 to 2028, sales are expected to exceed 300,000 units with the addition of multi-model assembly lines. Over the next five years, WM Motor plans to launch more than 10 new products across sedans, SUVs, MPVs, and crossovers.
Xiangfei said it will invest 1 billion yuan in the initial phase for equipment upgrades, supply chain restoration, and product development. The revived automaker has assembled a 143-member team, including 78 Xiangfei employees and 55 former WM Motor staff, and is accelerating hiring to build a 400-person core team.