威马APP重启服务，破产车企艰难“复活”之路

Core Viewpoint - WM Motor has announced the relaunch of its Xiaowei App, restoring key functionalities for users, which is seen as a positive development following the company's bankruptcy restructuring [2][7]. Company Background - Founded in 2015 by Shen Hui, WM Motor aimed to become a leader in the electric vehicle market, achieving significant financing of 35 billion yuan and launching its first model, the EX5, in 2018 [3][4]. - The EX5 gained market recognition, leading sales in its segment for 40 consecutive months and becoming the top-selling model among new energy vehicle startups in 2019 [3]. Financial Struggles - Despite initial success, WM Motor faced severe financial difficulties, with cumulative losses exceeding 17 billion yuan from 2019 to 2021, and cash reserves dwindling to 4.156 billion yuan by the end of 2021 [5][6]. - The company attempted to go public three times but failed, leading to a complete halt in operations and a bankruptcy restructuring application in October 2023 [6]. Restructuring and Future Plans - The Shanghai court approved WM Motor's restructuring plan, with Shenzhen Xiangfei Automotive Sales Co., Ltd. taking over the company's operations [7]. - The new plan outlines ambitious production goals, aiming to resume production of the EX5 and E5 by 2025, with a target of 1 million units and 120 billion yuan in revenue by 2030 [7][8]. Challenges Ahead - The initial investment of 1 billion yuan for the restructuring is considered insufficient for reviving an automotive manufacturer, especially in a capital-intensive industry [8]. - The competitive landscape has changed significantly, with new players capturing market share in the 100,000 to 150,000 yuan electric vehicle segment, making it difficult for WM Motor to regain its footing [9]. - Trust issues among existing customers pose a significant hurdle, as many are concerned about service and warranty commitments following the company's bankruptcy [9].