The Chinese Electric Vehicle Startup WM Motor files for Bankruptcy

Chinese electric vehicle startup WM Motor has filed for bankruptcy, signalling the end of a prospective leader among China’s EV manufacturers.

In September, the ailing EV manufacturer and U.S.-listed used car reseller Kaixin Auto Holdings announced a non-binding acquisition term sheet.

The transaction took place after WM Motor’s attempt to list via a backdoor reverse takeover with Hong Kong-listed Apollo Future Mobility failed.