Baoneng bringt WM Motor wieder zum Leben. Was für Schabernack können diese beiden Elenden noch anstellen?
Two negatives don't always make a positive, and it's not easy.
"Was WM Motor acquired by BAONENG Auto? Who is rescuing whom? Is this a case of 'two negatives making a positive'?"
Recently, some media reported that WM Motor was acquired by BAONENG Auto. An insider from BAONENG Auto revealed that "the company has completed the acquisition of WM Motor, and is currently in the critical stage of asset transfer such as production qualifications."
After learning this news, some media colleagues raised the question and made jokes at the beginning. Indeed, on one hand, there is BAONENG Auto, which was forced to refute rumors and claim "I'm still alive" a few days ago and has an executed amount exceeding 12 billion yuan; on the other hand, there is WM Motor, which is undergoing bankruptcy reorganization and has a total debt of over 20 billion yuan. Both are deeply trapped in debt crises, and it's hard to tell who is rescuing whom for a moment.
While everyone was still puzzled about this event, some media visited the BAONENG Auto exhibition center at No. 406, Liyuan Road, Luohu District, Shenzhen, and found that two WM Motor vehicles were on display, alongside the Youbaoli A3 model under BAONENG. The in - store staff clearly stated that WM Motor has been "acquired" by BAONENG Auto, which, like a seal of approval, confirmed the authenticity of the event.
In response, Auto Commune asked relevant personnel from BAONENG Auto, but as of the time of publication, no positive reply had been received. However, when we look at the long - term timeline, we can also trace the possibility of this event. In the restructuring plan of WM Motor at the beginning of the year, the only intended investor was Shenzhen Xiangfei Automobile, and the force behind it is the BAONENG Group, which is deeply trapped in a debt whirlpool.
Meanwhile, on a recruitment platform, Xiangfei New Energy Automobile Group has been recruiting in Qingpu, Shanghai, and Dongtou District, Wenzhou, which is the location of WM Motor's headquarters and factory. Therefore, if BAONENG's acquisition of WM Motor is true, this event will also mark the beginning of the fates of these two new - energy vehicle startups that have encountered problems converging.
The "Revival Wave" of New - Energy Vehicle Startups
We all know that the competition in the current auto market is intensifying, with price wars and public opinion wars breaking out one after another, filling the air with the smell of gunpowder. It can be said that major automakers are engaged in fierce battles in various market segments. However, while leading automakers are having a head - on confrontation in the new - energy and fuel - vehicle tracks, in the corners of the auto market, a revival wave of new - energy vehicle startups is rising.
Driven by capital, policies, and technological iterations, new - energy vehicle startups that were once deeply in bankruptcy crises are trying to return to the track through reorganization, strategic investment, or overseas transformation.
For example, Zhidou Auto, known as the "pioneer" of domestic new - energy vehicles, completed its reorganization with the support of capital from Geely, Aima, etc., and its new cars are vying for the A00 - class market with the Wuling Hongguang MINI EV; Reading Auto, once a leading manufacturer of low - speed electric vehicles, also shows confidence in repaying suppliers according to relevant documents; Gaohe Auto was reported to have received strategic investment from an investment institution; brands like Jiyue have quietly restarted...
Therefore, whether it's BAONENG Auto, WM Motor, or other fallen new - energy vehicle startups, there is a possibility of making a comeback. After all, no one wants to leave the game easily.
Especially, the industry downturn has further spurred this fight for survival. In 2024, the sales volume of new - energy vehicles in China exceeded 10 million, with a penetration rate of over 40%. It is predicted that the growth rate in 2025 will be nearly 30%. The government has continued subsidies and tax incentives, and local governments' trade - in policies have continuously stimulated consumption, providing a window of opportunity for these struggling brands to make a final attempt.
However, when these two "failures," BAONENG and WM Motor, come together, it undoubtedly adds more topics and uncertainties to their future.
Can BAONENG's Acquisition of WM Motor Yield Positive Results?
First, let's look at BAONENG Auto, the "acquirer." Its current situation is not optimistic. Tianyancha shows that the executed amount of BAONENG Auto Group Co., Ltd. has exceeded 12 billion yuan, and there have been frequent incidents of employees demanding unpaid salaries. The cumulative executed amount under Yao Zhenhua's name is approaching 50 billion yuan, and the executed amount of its real - estate sector has reached 27.5 billion yuan. Yao Zhenhua himself has been listed as a dishonest person subject to enforcement.
Moreover, some of BAONENG's companies are marked as "the company has announced its dissolution," "the company has filed for liquidation group registration," or "the company is declaring the invalidation of its business license" on the National Enterprise Credit Information Publicity System. Given its "self - preservation" situation, there are even rumors that BAONENG Auto has "gone bankrupt."
In response, BAONENG Auto recently issued a statement emphasizing that although some senior management such as directors and supervisors have left, it does not affect the company's normal operation. All business is proceeding normally, and new models are about to be launched!
It's worth noting that the comments under BAONENG Auto's official WeChat account are very lively, and netizens have joked that it "looks like a large - scale debt - collection site." Among them, there are comments like "It's unjust to default on salaries! Give me my salary back! Pay back the debt!" "If the business is normal, can you pay me my salary? How will the salary arrears be resolved?" "The salary has been in arrears for almost four years. How can a normal business default on salaries for four years?"...
In this regard, can BAONENG Auto, which is struggling to save itself, really revitalize WM Motor?
On the other hand, the situation of WM Motor, the "acquired," is also far from easy.
Going back to January 2025, the draft restructuring plan of WM Motor was presented at the creditors' meeting, depicting a dazzling picture of revival: resuming production in 2025, achieving a sales volume of over 600,000 vehicles in 2027, launching 10 new models globally in 2029, and achieving the ambitious goal of annual sales of one million vehicles and revenues of 110 billion yuan.
This plan even envisioned a capital - market valuation of 150 billion yuan.
However, the ideal is plump, but the reality is skinny. Data released by the Shanghai Third Intermediate People's Court shows that WM Motor has valid claims exceeding 14.8 billion yuan, and there are also 11.2 billion yuan of deferred claims. Just to complete the transfer and initially resume production, billions of yuan in cash are needed; if it really wants to restart, the capital gap may exceed tens of billions of yuan.
Now, it's not easy to revitalize WM Motor.
On one hand, after several years of inactivity, WM Motor has significantly fallen behind leading brands like Huawei and XPeng in the fields of autonomous driving and battery technology. Calculated based on the R & D investment of leading new - energy vehicle startups in recent years, the funds needed to make up for the gap far exceed tens of billions of yuan; on the other hand, problems such as the collapse of the after - sales system and the slow - running car - infotainment system have led to a collapse in its brand reputation. Some WM Motor owners even self - mocked on social platforms: "My WM EX5 has become an 'orphan car.' Who would still trust this brand?" It can be seen that the difficulty of rebuilding brand trust is enormous.
Coupled with the mountain of debt of tens of billions of yuan. The 14.8 billion yuan in valid claims plus 11.2 billion yuan in deferred claims is like the Sword of Damocles hanging over the heads of WM Motor and BAONENG Auto on the restructuring path.
The Disappearance of Struggling Players
You can't just get back on the game whenever you want.
Currently, the elimination stage of the auto industry has entered a cruel phase. Zhu Huarong, the chairman of Changan Automobile, predicted that in the next few years, 80% of brands will shut down; Yin Tongyue of Chery judged that "perhaps only 5 new - energy vehicle manufacturers will survive"; Yu Chengdong of Huawei has a more radical view: "Most likely less than 5"; even Zhu Jiangming of Leapmotor, who is relatively optimistic, believes that the number will not exceed 10...
Against this background, the revival of struggling new - energy vehicle startups will face numerous squeezes.
On one hand, BYD's annual sales volume exceeds 4 million vehicles, and traditional giants like Geely, Changan, and Great Wall are constantly seizing market share; on the other hand, the Huawei Smart Selection vehicle model has driven the sales volume of automakers to soar, and the Xiaomi SU7 became a hit as soon as it was launched; in addition, the electrification transformation of joint - venture automakers is accelerating quietly in terms of both product quantity and technological scale...
The accelerating lead of leading automakers, the continuous investment of cross - border giants, and the more approachable attitude of international brands have made the survival space of struggling new - energy vehicle startups increasingly narrow.
Therefore, many industry insiders are pessimistic about WM Motor's revival. A securities analyst said bluntly: "Unless there are other motives, it's by no means easy to simply revitalize WM Motor." What's even more cruel is that there is no precedent for a struggling new - energy vehicle startup to successfully revive in the industry, and recently, no domestic new - energy vehicle startup has received an acquisition or restructuring invitation from an A - share listed company.
When the tens of billions of yuan in investment from Shenzhen Xiangfei meets BAONENG Auto's executed debt of over 11.7 billion yuan, and when WM Motor's 14.8 billion yuan in valid claims collide with the dream of 110 billion yuan in revenues in 2029, this revival experiment is already extremely difficult. As for whether BAONENG Auto can finally produce the first "new WM Motor" at the Wenzhou factory, the answer lies not in the auto showroom but in the cruel market rules.
Especially for those players without core competitiveness, even a momentary comeback is a luxury, and they will eventually become the after - echo of capital bubbles.
This article is from the WeChat official account "Auto Commune" (ID: iAUTO2010), written by Li Chen'ai, and is published by 36Kr with authorization.