威马汽车"复活"一事有了新进展。 近日，威马汽车"复活"消息不断，一家名为"智马行（温州）新能源汽车销售有限责任公司（下称智马 行）"的企业或成为威马复活后的新"躯壳"。 销售公司率先成立 2023年10月，威马科技集团申请破产重整，并于当年12月底，获得法院受理。次年1月初，法院指定北 京大成（上海）律师事务所与立信会计师事务所（特殊普通合伙）作为联合管理人。 直到今年1月，威马科技集团重整案债权人会议召开，审议并表决重整计划（草案）是议程之一。接盘 方浮出水面，根据重整计划（草案），当时仅剩深圳翔飞仍有投资意愿。 天眼查信息显示，智马行（温州）新能源汽车销售有限责任公司成立，该公司位于浙江省温州市，注册 资本为2亿人民币，经营范围涵盖新能源汽车整车销售、新能源汽车电附件销售、新能源汽车换电设施 销售、汽车销售等。 这是威马汽车破产后首次以独立法人形式布局渠道端。 股东信息显示，智马行（温州）新能源汽车销售有限责任公司由威马汽车制造温州有限公司全资持股。 后者于2016年5月成立，是威马汽车科技集团的全资子公司，法定代表人为威马创始人SHENHUI（沈 晖），注册资本为40.40亿人民币，实缴资本为9040 ...

近期，威马汽车动作频频，引发行业对其"复活"的广泛关注。 天眼查App显示，11月27日，智马行（温州）新能源汽车销售有限责任公司成立，法定代表人为刘彦 明，注册资本2亿元人民币。公司经营范围包括新能源汽车整车销售、新能源汽车电附件销售、新能源 汽车换电设施销售、汽车销售等。股东信息显示，该公司由威马汽车制造温州有限公司全资持股。 但从2022年开始，威马汽车的资金链就出现了问题。之后为节省成本，威马汽车数次传出降薪、裁员、 停工停产等消息。2023年10月，威马汽车开始进行申请预重整、重整等程序，直到今年终于迎来重整投 资人。 今年9月6日，威马汽车重整投资人深圳翔飞汽车销售有限公司（以下简称深圳翔飞）通过威马汽车官微 发布《致供应商白皮书》（以下简称《白皮书》），公布对新公司的相关规划，计划未来5年向市场推 出10款以上的新产品，适配全球市场多样化需求。深圳翔飞表示，正在全力以赴推动威马EX5和E5车型 在温州基地快速恢复量产，初期预计投资10亿元用于设备升级、供应链恢复和产品开发等。 此外，《白皮书》还提到，新公司将在法院批准重整后按计划、按比例清偿供应商货款，同时新公司获 得了温州市政府的多项支持，包 ...

Core Viewpoint - The establishment of Zhima Xing (Wenzhou) New Energy Vehicle Sales Co., Ltd. marks a significant step in the market channel layout for WM Motor after its restructuring, accelerating the implementation of its "New WM" revival plan [2][5]. Group 1: Company Establishment - Zhima Xing has a registered capital of 200 million RMB and its business scope includes sales of new energy vehicles, electric vehicle accessories, and battery recycling [2][4]. - The company is wholly owned by WM Motor Manufacturing Wenzhou Co., Ltd., which is a subsidiary of WM Motor Technology Group, indicating that Zhima Xing will directly handle the sales functions for WM Motor's vehicle models [2][4]. Group 2: Restructuring and Investment - On September 6, WM Motor released a white paper stating that Shenzhen Xiangfei Automotive Sales Co., Ltd. has become the restructuring investor and new shareholder for WM Motor's four companies [5]. - The restructuring plan approved by the court on April 3, 2025, allows Xiangfei to take over the four companies and aims to quickly resume production of the EX5 and E5 models at the Wenzhou base [5][6]. Group 3: Development Plan - The "New WM" development plan outlines three phases: - Revival Phase (2025-2026) focuses on resuming production and market expansion, targeting annual production and sales of 10,000 units in 2025, with a goal of 20,000 units [6]. - Development Phase (2027-2028) aims for annual sales to increase from 250,000 to 400,000 units, while preparing for an IPO and advancing high-level assisted driving models [6]. - Leap Phase (2029-2030) targets an annual production of 1 million units and revenue of 120 billion RMB, aiming to establish a smart mobility ecosystem [6]. Group 4: Market Confidence - The establishment of Zhima Xing provides crucial support for the sales system of "New WM," while the clear development plan instills confidence in the industry and partners [6].

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].

Core Insights - Weima Automobile has hinted at positive developments but has not disclosed specific details, leading to speculation among former employees and users regarding salary arrears and after-sales service issues [2] Group 1: Company Restructuring - On September 6, Weima Automobile published a white paper addressing suppliers, revealing that Shenzhen Xiangfei Automotive Sales Co., Ltd. has become the restructuring investor and new shareholder for Weima's four companies [4] - The court-approved restructuring plan aims for the rapid resumption of production for the EX5 and E5 models at the Wenzhou base, with Xiangfei acknowledging suppliers' concerns about historical debts and ongoing operational capabilities [4] Group 2: Future Production Plans - The white paper outlines a revival phase from 2025 to 2026, targeting the resumption of EX5/E5 production by September 2025, with annual production and sales of 10,000 units, aiming for 20,000 units [4] - The development phase from 2027 to 2028 anticipates an increase in annual sales from 250,000 to 400,000 units of high-level assisted driving models, with plans for an IPO [5] - The leap phase from 2029 to 2030 sets a production target of 1 million units and revenue of 120 billion, aiming to establish a smart mobility ecosystem and become an industry benchmark [5] Group 3: Investor Background - Shenzhen Xiangfei is associated with the Baoneng Group, which has previously attempted to enter the automotive sector but has faced challenges, including halted operations for acquired brands [5]

Core Insights - Two electric vehicle startups, Neta Auto and WM Motor, are gaining attention due to recent developments regarding their potential revival and restructuring efforts [1][5][21] Group 1: Neta Auto - Neta Auto is reportedly undergoing a restructuring process with its parent company, Hozon Auto, and is expected to complete the handover by October this year [1] - Neta Auto currently has only 15 million yuan in cash and a total debt of 26.5 billion yuan, raising concerns about its financial viability [5][18] - The company has accumulated losses of 13 billion yuan and is facing a high asset-liability ratio of 85% [5][18] Group 2: WM Motor - WM Motor has recently published a white paper for suppliers, indicating that Shenzhen Xiangfei Auto Sales Co. has taken over the company and is working on resuming production of the EX5 and E5 models [1][21] - The company had previously filed for bankruptcy reorganization with total liabilities reaching 26 billion yuan, leaving 100,000 car owners without after-sales support [5][21] - WM Motor's product competitiveness has significantly declined, making its goal of achieving one million sales in five years highly challenging [5] Group 3: Shanzi High-Tech - Shanzi High-Tech, formerly known as Yin Yi Group, has been struggling financially, with continuous losses for seven years and facing delisting risks [7][11] - The company is attempting to pivot from real estate to the automotive sector, viewing it as a potential growth engine [9][11] - Recent leadership changes have led to a strategic shift towards electric vehicle manufacturing, but past attempts to acquire or invest in automotive projects have largely failed [12][20] Group 4: Industry Challenges - The automotive manufacturing sector is capital-intensive, with significant financial requirements for production and R&D, which poses a risk for companies like Shanzi High-Tech [16][18] - Despite some progress in the automotive supply chain, Shanzi High-Tech lacks experience in electric vehicle design and manufacturing, complicating its efforts to revitalize Neta Auto [18] - The current market environment is characterized by a shakeout phase, raising questions about the long-term viability of these restructuring efforts [21]

Core Viewpoint - The revival of WM Motor is supported by a government-backed white paper, indicating a structured plan for resuming production at its Wenzhou base, which has recently restarted operations after a two-and-a-half-year halt [1][2][6]. Group 1: Production Resumption - WM Motor's Wenzhou base is reported to have resumed production, currently in a ramp-up phase, with around 100 workers on-site [1][5]. - The local government is actively supporting WM Motor's revival by coordinating supply chains, providing financing and subsidies, and assisting in restoring credit ratings [2][7]. - The white paper outlines that WM Motor aims to produce 10,000 vehicles in 2025, with plans to ramp up to 100,000 vehicles by 2030 [6][10]. Group 2: Government Support - The Wenzhou government has implemented policies to support the automotive industry, offering subsidies ranging from hundreds of thousands to tens of millions [2][7]. - A specialized inspection team has been formed to ensure the safety and stability of WM Motor's production equipment, further facilitating the resumption of operations [7][9]. - The government's involvement is seen as a strategic move to stimulate local economic growth through the revival of WM Motor [8][9]. Group 3: Market Challenges - Despite the resumption of production, WM Motor faces significant competition in the electric vehicle market from established players like BYD and emerging entrants like Huawei and Xiaomi [10][11]. - Historical sales data shows that WM Motor's best year (2021) only reached 44,000 units, which is less than half of the projected sales for 2026 [10][11]. - The company has a substantial debt burden of 25 billion yuan, with assets valued at only 9.6 billion yuan, raising concerns about its financial sustainability [11][12].

Core Viewpoint - The new energy vehicle companies, including Neta, WM Motor, and HiPhi, are attempting to revive amidst severe financial crises, with varying strategies for recovery and significant challenges ahead [1][4][13]. Group 1: Financial Status and Recovery Efforts - Neta Auto is facing a financial crisis with only approximately 15 million yuan in cash against confirmed debts of about 5.1 billion yuan, alongside unpaid wages and compensation totaling around 460 million yuan [1]. - WM Motor has announced plans to resume production of the EX5 and E5 models at its Wenzhou base after a two-year halt, supported by local government initiatives and new investors [1][9]. - HiPhi, which was once considered the "most expensive domestic electric vehicle," has seen its restructuring efforts hindered by a lack of capital injection from its new major shareholder, EV Electra [3][12]. Group 2: Strategic Paths for Revival - WM Motor is adopting a "government and industrial capital" model, with support from local government and a three-phase development plan aiming for significant production and revenue targets by 2030 [9][10]. - Neta Auto is pursuing public recruitment of investors, with a significant entry barrier of a 50 million yuan deposit for potential investors, indicating a cautious approach to managing its debt [11]. - HiPhi's strategy involves attracting overseas capital, but negotiations have stalled due to unmet conditions from its new investor, raising concerns about the viability of its recovery plan [12]. Group 3: Market Challenges and Brand Trust - The revival of these brands faces the challenge of rebuilding consumer trust, particularly for WM Motor, which has not addressed critical service issues post-bankruptcy [15]. - Financial pressures are significant, with WM Motor's debts exceeding 20.3 billion yuan, and its new investor's limited capital raising doubts about the feasibility of necessary upgrades and recovery efforts [16]. - The market environment has drastically changed, making it difficult for these companies to compete with newer models and regain consumer confidence in a saturated market [17].

Core Viewpoint - The new energy vehicle companies Weima, Nezha, and HiPhi are attempting to revive their operations amidst financial crises and market challenges, each taking different approaches to re-enter the market [1][10]. Group 1: Financial Status and Challenges - Nezha Automotive is facing severe financial difficulties, with only approximately 15 million yuan in cash against confirmed debts of about 5.1 billion yuan, and it owes over 460 million yuan in wages and compensation to more than 5,000 employees [1][8]. - Weima Automotive has accumulated debts exceeding 20 billion yuan and has been inactive for two years, but it plans to resume production of the EX5 and E5 models at its Wenzhou base [1][11]. - HiPhi, which was taken over by Lebanese capital, has not received any funding from its new major shareholder, EV Electra, leading to stalled negotiations [2][9]. Group 2: Revival Strategies - Weima is adopting a "government platform + industrial capital" model, with support from the Wenzhou government and a three-phase development plan aiming for significant production and revenue growth by 2030 [6][7]. - Nezha is pursuing a public recruitment of investors to address its financial issues, with a significant entry barrier of a 50 million yuan deposit for potential investors [8]. - HiPhi's strategy involves attracting overseas capital, but it has faced setbacks due to unmet funding commitments from EV Electra [9]. Group 3: Market Position and Resources - The new energy vehicle companies possess valuable resources such as production qualifications, which are scarce in the current regulatory environment, making them attractive targets for investment [3][4]. - Nezha has established production bases with a total annual capacity of 300,000 vehicles and has begun local production in Thailand, achieving significant sales growth in overseas markets [4][5]. - Weima also has a KD factory in Thailand, indicating its strategy to expand overseas production capacity [4]. Group 4: Consumer Trust and Market Environment - Rebuilding brand trust is a significant challenge for these companies, especially for Weima, which has not addressed key customer concerns regarding parts and service after its bankruptcy [11][13]. - The market environment has changed dramatically, with older models like Weima's EX5 and E5 struggling to compete against newer offerings in a rapidly evolving market [13]. - The overall sentiment in the market is cautious, with consumers wary of investing in brands that have previously faced bankruptcy [13].

Core Viewpoint - WM Motor has announced its revival after a period of dormancy, with a new restructuring plan approved by the court and a new investor, Shenzhen Xiangfei Automotive Sales Co., Ltd. [1][2] Group 1: Company Operations - The design and procurement center of WM Motor in Shanghai has resumed operations since June, with approximately 30-40 employees currently working there [4] - The company plans to re-establish its dealer network and has received confirmed orders from overseas markets [9] - A professional team of 143 members has been formed, consisting of 78 employees from Xiangfei and 55 former WM Motor employees, with a goal to build a core team of 400 [9] Group 2: Financial Situation - WM Motor has faced significant financial difficulties, with total losses of 17.435 billion yuan from 2019 to 2021 and debts amounting to 20.367 billion yuan as of March 2024 [10] - The debt repayment plan includes full cash repayment for ordinary creditors with claims of 150,000 yuan or less within six months after the court approves the restructuring plan [10][11] Group 3: Future Plans - WM Motor has outlined a three-phase revival plan from 2025 to 2030, aiming to produce 100,000 vehicles annually and achieve revenue of 120 billion yuan by 2030 [14][15] - The company plans to launch over 10 new models in the next five years, covering various vehicle categories from A00 to C-class [15] Group 4: Investor Background - The new investor, Shenzhen Xiangfei, has connections to Baoneng Group, although the exact financial backers remain unclear [2][15]