Bankruptcy of an electric car manufacturer
WM Motor announced the termination of its operations.
The Chinese manufacturer of electric cars – WM Motor – announced that it has filed a bankruptcy petition with the court. This decision was influenced by growing financial problems amounting to billions of euros. Their origins date back to the coronavirus pandemic. Moreover, the competitiveness of the Chinese electric car market did not make doing business easier. WM Motor representatives said that they will undertake intensive activities aimed at attracting foreign strategic investors. It should be mentioned, however, that the talks conducted so far have not brought the expected results.
It is worth adding that so far we have heard most often about financial difficulties affecting German car manufacturers. As you can see, this type of problems also affect counterparts in other foreign markets.
