Zwei Jahre nach der Insolvenz plant WM Motor, im August die Produktion wieder aufzunehmen: Es soll in diesem Jahr 10.000 Fahrzeuge verkauft werden, und über zwei Jahre wird ein Börsengang angestrebt.
After a long period of silence, WM Motor suddenly brought good news. On July 14, a former WM Motor employee sent "New WM Motor"'s white paper addressed to suppliers to Mingjing Pro. In this document, Shenzhen Xiangfei Automobile Sales Company (hereinafter referred to as "Xiangfei"), the investor of New WM Motor, detailed WM Motor's resumption of production plan and future development.
As the investor, Xiangfei stated in the above - mentioned document that according to the reorganization plan approved by the court on April 3, 2025, Xiangfei has taken over four WM Motor companies and is going all out to promote the rapid resumption of mass production of WM EX5 and E5 models at the Wenzhou base. Currently, governments in Shanghai, Wenzhou and other places have also provided strong support for this project, and cooperation with the brand - new "New WM Motor" has a bright future.
"New WM Motor" has formulated a three - step business development plan from 2025 to 2030 to achieve leapfrog development. Among them, in the revival stage (2025 - 2026): In September 2025, the production of EX5/E.5 models will resume, with an annual production and sales target of 10,000 units, and strive for 20,000 units; at the same time, break into the overseas market, layout a KD factory in Thailand, and explore the Southeast Asian and Middle Eastern markets. In 2026, the production volume will reach 100,000 units.
Starting from 2027, New WM Motor will enter the development stage (2027 - 2028), aiming to increase the annual sales volume from 250,000 to 400,000 units; at the same time, mass - produce high - level assisted driving models, empower the entire R & D, production, and marketing chain through AI, and start preparations for an IPO during this stage.
From 2029, it will enter the leap - forward stage (2029 - 2030). New WM Motor plans to challenge a production volume of 1 million units in 2030, with a revenue of 120 billion yuan, construct a smart mobility ecosystem, and become a new benchmark in the industry.
In terms of product planning, Xiangfei said that "New WM Motor" has a comprehensive and rapidly expanding product portfolio, covering pure - electric and range - extended technology routes. It plans to launch more than 10 new products into the market in the next five years to meet the diverse needs of the global market. Its vehicle lineup includes the refreshed EX5E.5, etc. The products cover sedans, SUVs, MPVs, crossovers and other models in A00 - class, A0 - class, A - class, B - class, and C - class, with different brand positioning for differentiation.
In terms of marketing, it will adopt diverse marketing strategies for different users and market segments. For example, in the replacement business, it will reward the loyalty of old customers and carry out trade - in services for new cars (the same or different models); in the fields of large - scale customers, ride - hailing, operation, and short - term rental vehicles, it will actively cooperate with enterprises, government agencies, operation platforms, and rental companies, develop customized models and configurations, and provide fleet management and maintenance services. Third is the overseas expansion strategy. Relying on the Belt and Road Initiative and the brand's overseas expansion strategy, it will focus on core markets such as Southeast Asia, the Middle East, Central Asia, and Europe. The export proportion will reach 30% in 2026.
In the domestic market, it will adopt a diverse sales network: Store (sales outlet) + Station (delivery/repair/body - and - paint shop) + Spot (community franchise store) + Shareholder ecological partners (dealerships), aiming to achieve 100% coverage of the domestic sales network.
Therefore, New WM Motor hopes to produce at least 10,000 EX5 and E5 models by the end of 2025, striving for 20,000 units, with an estimated revenue of 1 - 2 billion yuan. In addition, the introduction of A00 - class sedans and small SUVs, with a total production volume of 10,000 units, will further diversify the revenue sources.
In addition, in 2026 and the future: By 2026, New WM Motor plans to achieve full - capacity production of 100,000 units, with an estimated revenue of nearly 10 billion yuan, create more than 3,000 jobs, and increase local tax payments. From 2027 to 2028, the sales volume will expand to more than 300,000 units, supported by the addition of new assembly lines for multi - model production.
To promote the revival of New WM Motor, Xiangfei said that local governments will directly support New WM Motor. The above - mentioned document shows that the Wenzhou Municipal Government and the Wenzhou Marine Economic Development Demonstration Zone have established a special working group to assist in the resumption of work and production after the reorganization, including coordinating local suppliers in Zhejiang and Wenzhou, promoting cooperation, and resolving historical issues.
In terms of crucial financing support, under the support and guidance of the Wenzhou Municipal Government, the new shareholder, Xiangfei Automobile, is actively communicating with local financial institutions. It will use the high - quality assets of the shareholders as credit enhancement for financing, providing guarantees for the equipment upgrade, supply - chain restoration, and operational expansion funds required for New WM Motor's resumption of work and production. At the same time, it will also promote the restoration of New WM Motor's credit rating to enhance the confidence of financial institutions and suppliers in cooperation.
In addition, under the conditions of complying with relevant policies and regulations, the Wenzhou Municipal Government is considering providing subsidy support for WM Motor's resumption of work and production, production line technological transformation, product R & D, and market promotion. Under the conditions of complying with relevant policies and regulations, the government is considering giving priority to including New WM Motor in local public procurement. It will support brand reconstruction, including supporting the use of local public resources for the publicity of New WM Motor's resumption of work and production.
So, what's the background of Xiangfei Company? How can it promote the revival of WM Motor? According to previous media investigations, Shenzhen Xiangfei seems to be an automobile sales company, but it has intricate relationships with Baoneng.
In April 2025, the Third Intermediate People's Court of Shanghai approved WM Motor's reorganization plan and ruled to terminate the reorganization process. The WM Motor reorganization plan (draft) document shows that WM Motor plans to resume work and production in 2025, and simultaneously carry out brand renewal and marketing network construction. At that time, among the successfully registered investors, only Shenzhen Xiangfei Automobile Sales Co., Ltd. still had the intention to invest. Finally, WM Motor signed a "Reorganization Investment Agreement" with Shenzhen Xiangfei.
Investigations have found that the legal representative of Shenzhen Xiangfei is not only the actual controller of a subsidiary of Baoneng Automobile, but its affiliated parties also hold equity in Baoneng - affiliated enterprises. Tianyancha information shows that the main shareholders of Shenzhen Xiangfei are Shenzhen Zhuokai Enterprise Management Co., Ltd. (hereinafter referred to as "Shenzhen Zhuokai") and Shenzhen Fengyu Enterprise Management Co., Ltd. (hereinafter referred to as "Shenzhen Fengyu"). The legal representative and actual controller of Shenzhen Zhuokai is Huang Jing, and among Huang Jing's affiliated enterprises, companies such as Kunshan Baoneng Automobile Co., Ltd. appear.
From this perspective, the previous rumor that Baoneng Automobile would acquire WM Motor seems to be true. But the problem is, it doesn't seem very reliable for Baoneng to revive WM Motor.
This article is from "Sina Technology", published by 36Kr with authorization.