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观车 · 论势 || 威马“复活”前路几何?
Zhong Guo Qi Che Bao Wang· 2025-09-19 01:30
Core Viewpoint - WM Motor has announced its return to production, marking a significant step in its recovery after nearly two years of inactivity, with the support of new investor Shenzhen Xiangfei Automotive [1][2] Group 1: Company Recovery - WM Motor's revival is facilitated by the involvement of local governments in Shanghai and Wenzhou, which are providing support for supply chain recovery, credit restoration, and financing [2] - The new shareholder, Shenzhen Xiangfei Automotive, brings essential funding and operational support to WM Motor [2] - WM Motor plans to resume production of its EX5 and E5 models at its Wenzhou base, indicating a strategic move to regain market presence [1][2] Group 2: Financial Challenges - WM Motor faces significant financial challenges, with total liabilities amounting to 20.367 billion and assets of only 3.988 billion, creating a heavy debt burden [2] - The initial investment of 1 billion may not be sufficient to alleviate the financial pressures, which could hinder future financing and expansion efforts [2] Group 3: Brand and Market Position - The two-year hiatus has severely damaged WM Motor's brand reputation, associating it with bankruptcy and poor after-sales service [3] - The competitive landscape of the Chinese electric vehicle market has evolved rapidly, with WM Motor's planned models lagging behind in technology and user experience compared to mainstream competitors [3] Group 4: Strategic Recommendations - WM Motor should focus on niche markets such as ride-hailing and lower-tier cities to build differentiated competitive advantages [4] - A phased approach is recommended, starting with cash flow recovery through short-term production and followed by the development of new products [4] - The company needs to diversify its financing sources and attract industry investors with expertise in key technologies to address its technical shortcomings [4]
威马官宣 “ 复活 ” ,还立志卖 100 万台车,谁给的勇气?
3 6 Ke· 2025-09-17 01:19
Core Viewpoint - WM Motor, once burdened with over 20 billion in debt and declared bankrupt, has made a comeback with ambitious goals for production and revenue [1][3][4]. Group 1: Company Background - WM Motor was established in 2015 and was once a leading player among new energy vehicle manufacturers, ranking second in deliveries in 2019 with 16,900 units [7]. - The company's valuation peaked at 47 billion yuan during its prime [7]. - Financial difficulties began in late 2022, leading to production halts and unpaid supplier debts, culminating in a bankruptcy application in 2023 with liabilities of 20.367 billion yuan and liquid assets of only 3.988 billion yuan [11][10]. Group 2: Revival Plans - WM Motor has announced plans to resume production of the EX5 and E.5 models, targeting annual production and sales of 10,000 units, with aspirations to reach 20,000 units [4]. - The company aims to produce 100,000 vehicles annually by 2029-2030 and achieve revenue of 120 billion yuan over the next five years [1][4]. - Support from local governments in Shanghai and Wenzhou has been secured for the revival, including potential subsidies and inclusion in public procurement [19]. Group 3: Market Context - The electric vehicle market has evolved significantly during WM Motor's hiatus, with increased competition from brands like BYD, NIO, and newcomers such as Xiaomi [21]. - In August, BYD led the market with 373,626 units sold, while WM Motor's return to production comes amidst a rapidly changing landscape [22]. - The company faces challenges in regaining market trust and competing effectively, especially with its pricing strategy and product differentiation [24].
威马、哪吒、高合进入造车复活赛
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-15 15:57
Group 1 - The article discusses the revival efforts of struggling Chinese electric vehicle startups, including Neta, WM Motor, and HiPhi, as they face significant financial challenges and seek new investment opportunities [2][3][5] - Neta Auto is in a severe financial crisis, 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 [2] - WM Motor has announced plans to resume production of its EX5 and E5 models in Wenzhou after a two-year halt, supported by new investors and local government assistance [3][9] Group 2 - The article highlights the scarcity of production qualifications as a key asset for these companies, with Neta holding dual production licenses, making it an attractive target for new investors [5][6] - Neta has established a significant overseas presence, with a production capacity of 300,000 vehicles annually and a notable increase in overseas sales, achieving 17,687 units in the first half of 2024, a 154% year-on-year growth [6] - WM Motor and Neta both have existing production facilities and a substantial customer base, which can facilitate easier market entry for potential investors compared to starting from scratch [6] Group 3 - WM Motor's revival strategy involves a three-phase development plan, aiming for production of 100,000 vehicles by 2030 and generating revenue of 120 billion yuan [9] - Neta is pursuing a public recruitment of investors, requiring a significant deposit, while facing challenges in managing its debt and operational control [10] - HiPhi's restructuring efforts have stalled due to issues with its new investor, EV Electra, which has not yet provided the promised funding, raising concerns about its financial stability [11] Group 4 - The article emphasizes the challenges these companies face in rebuilding brand trust after bankruptcy, with WM Motor's lack of communication regarding customer service and parts raising concerns among former users [14] - Financial pressures are significant, with WM Motor's debts exceeding 20.3 billion yuan, and its new investor having limited initial capital to support the necessary upgrades and recovery efforts [14][15] - The changing market environment poses additional challenges, as the competitive landscape for electric vehicles has evolved, making it difficult for these companies to regain market share and consumer trust [16]
造车新势力开启“复活赛”:威马、哪吒、高合 谁能重获新生?
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-15 11:46
Core Viewpoint - The new energy vehicle companies, including Neta, WM Motor, and HiPhi, are attempting to revive after facing severe financial crises, with varying strategies and challenges ahead [1][11]. Group 1: Financial Status and Challenges - Neta Auto's parent company, Hezhong New Energy, reported only about 15 million yuan in cash against confirmed debts of approximately 5.1 billion yuan, alongside unpaid wages and compensations totaling around 460 million yuan [1]. - WM Motor has debts exceeding 20 billion yuan and has been inactive for two years, but is now planning to resume production of its EX5 and E5 models [2][11]. - HiPhi's restructuring efforts have stalled due to a lack of funding from its new major shareholder, EV Electra, which has not injected any capital as promised [10][14]. Group 2: Revival Strategies - WM Motor is adopting a "government and industrial capital" model, receiving support from the Wenzhou government and planning a three-phase development strategy aimed at significant production and revenue growth by 2030 [8]. - Neta Auto is publicly recruiting investors to aid in its restructuring, with a significant entry barrier of a 50 million yuan deposit for potential investors [9]. - HiPhi is attempting to attract overseas capital but faces negotiation challenges with EV Electra regarding funding commitments [10]. Group 3: Market Position and Resources - The new energy vehicle companies possess valuable resources such as production qualifications, which are scarce due to tightened regulatory approvals in 2023 [3][4]. - Neta Auto has established production bases with a total annual capacity of 300,000 vehicles and has made significant inroads into the Southeast Asian market, achieving a 567% increase in overseas sales in 2023 compared to 2022 [4][5]. - WM Motor also has a KD factory in Thailand, enhancing its overseas production capabilities [5]. Group 4: Consumer Trust and Market Environment - Rebuilding consumer trust is a significant challenge for these companies, particularly for WM Motor, which has not addressed key customer concerns regarding parts and service after its bankruptcy [12][13]. - The market environment has drastically changed, with older models like WM Motor's EX5 and E5 struggling to compete against newer offerings in 2025 [15]. - The new energy vehicle market is increasingly competitive, with a notable percentage of consumers hesitant to choose brands perceived as unstable [15].
神秘金主出手,知名品牌“复活”,预计本月复产!此前负债200亿元,创始人“失踪”,家人被曝迁居美国,前员工:工资和赔偿至今没拿到
新浪财经· 2025-09-13 01:01
Core Viewpoint - Weima Automobile has announced its revival after a period of dormancy, with a new investor, Shenzhen Xiangfei Automotive Sales Co., Ltd., outlining ambitious plans for the company's future, including the launch of new models and significant revenue targets by 2030 [3][4][22]. Group 1: Company Status and Operations - Weima's design and procurement center in Shanghai has resumed operations with approximately 30-40 employees, while another office remains closed [5][10][19]. - The company has initiated recruitment efforts, with a focus on building a core team of 400 professionals, including both new hires and former employees [13][10]. - The revival plan includes restarting the dealer network and securing overseas orders, with an expected investment of 1 billion yuan for equipment upgrades and product development [13][22]. Group 2: Financial Challenges - Weima 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 against assets of only 3.988 billion yuan [15][16]. - The company owes over 40 million yuan in unpaid salaries and compensation to employees, with a debt repayment plan in place for creditors [15][17]. - Despite the new investment, former employees report that they have not received owed wages or compensation [14][19]. Group 3: Future Plans - The revival strategy includes a phased approach from 2025 to 2030, aiming for production of 100,000 vehicles and revenue of 120 billion yuan by 2030 [22][23]. - The product lineup will feature over 10 new models across various vehicle categories, focusing on both pure electric and extended-range technologies [22][23]. - The new investor's background remains unclear, with potential connections to Baoneng Group, raising questions about the future direction of Weima [23].
神秘金主出手:知名品牌“复活”,预计本月复产
Mei Ri Jing Ji Xin Wen· 2025-09-12 23:43
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, emerging as a key player in its future development [1][12]. Group 1: Company Status and Operations - WM Motor's design and procurement center in Shanghai has resumed operations with approximately 30-40 employees, primarily in procurement, IT, and HR roles, and is actively recruiting more staff [5][6]. - The company has plans to restart its dealer network and has received confirmed orders for overseas markets, with an expected investment of 1 billion yuan for equipment upgrades and product development [9]. - The company aims to produce and sell 10,000 to 20,000 vehicles by the end of 2025, with a long-term goal of achieving an annual production of 1 million vehicles and revenue of 120 billion yuan by 2030 [12]. Group 2: Financial Challenges - 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 against assets of only 3.988 billion yuan [10][11]. - The company has a debt repayment plan in place, with ordinary creditors owed 150,000 yuan or less expected to receive full cash repayment within six months of the court's approval of the restructuring plan [10][11]. Group 3: New Investor and Future Plans - Shenzhen Xiangfei has outlined an ambitious five-year plan for WM Motor, including the launch of over 10 new models across various vehicle categories [12][13]. - The new investor's background remains somewhat unclear, with connections to Baoneng Group suggested but not confirmed [13].
神秘金主出手,知名品牌“复活”,预计本月复产,此前负债200亿元,创始人“失踪”,家人被曝迁居美国,前员工:工资和赔偿至今没拿到
Hu Xiu· 2025-09-12 23:40
Core Viewpoint - WM Motor has announced its revival after a period of dormancy, with plans for restructuring and new investments aimed at significant growth in the coming years [1][4][30]. Group 1: Company Restructuring and Operations - WM Motor's design and procurement center in Shanghai has resumed operations with approximately 30-40 employees, primarily in procurement, IT, and HR roles [10][15]. - The company has plans to re-establish its dealer network and has received confirmed orders from overseas markets, with an expected investment of 1 billion yuan for equipment upgrades and product development [16][30]. - A new professional team of 143 members has been formed, consisting of both new hires and former WM Motor employees, with a goal to expand to a core team of 400 [15][30]. Group 2: Financial Situation and Debt - WM Motor has faced significant financial challenges, with total losses of 17.435 billion yuan from 2019 to 2021 and debts amounting to 20.367 billion yuan as of March 2024 [18][19]. - The company has proposed a debt repayment plan, where creditors with claims under 150,000 yuan will receive full cash repayment within six months post-court approval, while those with higher claims will receive partial cash and trust benefits [20][21]. Group 3: Future Plans and Goals - WM Motor aims to produce 10 new models over the next five years, with a target of 10,000 to 20,000 units sold in the first year of production [26][28]. - The company has set ambitious sales targets, aiming for 100,000 units by 2026 and 1 million units by 2030, with projected revenues of 120 billion yuan [27][28]. - The new investment strategy includes expanding into Southeast Asia and the Middle East, with plans for a KD factory in Thailand [26][30]. Group 4: Ownership and Investment Background - The new investor, Shenzhen Xiangfei Automotive Sales Co., has not disclosed its financial backers, raising questions about the sustainability of WM Motor's revival [4][29]. - Shenzhen Xiangfei was established in September 2023 with a registered capital of 100 million yuan, and its main shareholders have connections to Baoneng Group [29][30].
神秘金主出手,知名品牌“复活”,预计本月复产!此前负债200亿元,创始人“失踪”,家人被曝迁居美国,前员工:工资和赔偿至今没拿到
Mei Ri Jing Ji Xin Wen· 2025-09-12 16:05
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, emerging as a key player in its future development [2][17]. Group 1: Company Status and Operations - WM Motor's design and procurement center in Shanghai has resumed operations with approximately 30-40 employees, primarily in procurement, IT, and HR roles, and is actively recruiting more staff [8][11]. - The original WM Motor headquarters remains closed, indicating a mixed sentiment regarding the company's revival efforts [3][5]. - The company has plans to restart its dealer network and has received confirmed orders for overseas markets, with an expected investment of 1 billion yuan for equipment upgrades and product development [11][17]. Group 2: Financial Situation - WM Motor has faced significant financial challenges, with total losses of 17.435 billion yuan from 2019 to 2021 and debts amounting to 20.367 billion yuan against assets of only 3.988 billion yuan as of March 2024 [13][14]. - The company has a debt repayment plan in place, with ordinary creditors owed 150,000 yuan or less expected to receive full cash repayment within six months of the court's approval of the restructuring plan [13][14]. Group 3: Future Plans and Projections - The new investor has outlined an ambitious plan for WM Motor, aiming to produce 10 new models over the next five years and achieve annual revenue of 100 billion yuan by 2030 [2][17]. - The company plans to resume production of the EX5 and E5 models by September, targeting sales of 10,000 to 20,000 units in the first year [17]. - WM Motor's long-term goals include reaching an annual production capacity of 1 million vehicles and establishing a smart mobility ecosystem by 2030 [17]. Group 4: Investor Background - Shenzhen Xiangfei, the new investor, has connections to Baoneng Group, although the exact financial backers remain unclear [18]. - The investor has formed a professional team of 143 members, including former WM Motor employees, to support the company's revival efforts [11][18].
一线调查丨实探威马复工地:设计采购中心约30~40人在岗,温州生产基地正在招聘,前员工称仍未拿到赔偿
Mei Ri Jing Ji Xin Wen· 2025-09-12 13:31
Core Viewpoint - WM Motor has announced its revival after a period of dormancy, with plans to restructure and resume operations following a court-approved reorganization plan in April 2023 [2][12]. Company Status - The design and procurement center of WM Motor in Shanghai has resumed operations with approximately 30-40 employees, primarily in procurement, IT, and HR roles, and is actively recruiting new staff [9][12]. - The original WM Motor headquarters remains closed, indicating a mixed sentiment regarding the company's revival [4][6]. Financial Situation - WM Motor has faced significant financial challenges, with total losses of 17.435 billion yuan from 2019 to 2021 and liabilities of 20.367 billion yuan against assets of only 3.988 billion yuan as of March 2024 [13][14]. - The company has proposed a debt repayment plan, with ordinary creditors owed 150,000 yuan or less to receive full cash repayment within six months of court approval [13][14]. Future Plans - WM Motor aims to produce 10 new models over the next five years, with a target of achieving annual revenue of 100 billion yuan by 2030 [3][18]. - The company plans to restart production of the EX5 and E5 models by September 2023, with a goal of selling 10,000 to 20,000 units within the year [18][19]. Investment and Ownership - The new investor, Shenzhen Xiangfei Automotive Sales Co., has outlined ambitious plans for WM Motor, although the identity of the actual financial backers remains unclear [3][19]. - Shenzhen Xiangfei has a registered capital of only 100 million yuan and is linked to other companies, including Baoneng, raising questions about its financial stability [19].
威马汽车计划9月复产两年后筹备IPO 2030年挑战产量100万辆营收1200亿
Chang Jiang Shang Bao· 2025-09-07 23:17
Core Viewpoint - WM Motor is undergoing restructuring and has announced a revival and future development plan, aiming to resume production and clear debts [1][4]. Group 1: Production and Development Plans - WM Motor's investor, Xiangfei, plans to resume production of the EX5 and E.5 models at the Wenzhou base by September 2025 [2][5]. - The company has outlined a "three-step" development plan from 2025 to 2030, with the first phase focusing on revival, targeting annual production and sales of 10,000 units, and striving for 20,000 units [2][5]. - The second phase (2027-2028) aims for sales targets between 250,000 to 400,000 units and the preparation for an IPO [3][5]. - The final phase (2029-2030) includes a goal of achieving a production volume of 1 million units and revenue of 120 billion yuan, establishing a smart mobility ecosystem [3][6]. Group 2: Financial and Operational Challenges - WM Motor has faced significant financial losses, with net losses of 4.145 billion yuan, 5.084 billion yuan, and 8.206 billion yuan from 2019 to 2021, totaling 17.435 billion yuan [8]. - The company’s delivery volume has significantly declined, with only 29,500 units delivered in 2022, a 33.3% year-on-year decrease [10]. - The company has been criticized for its slow response to market competition, as rivals like NIO, Li Auto, and Xpeng continue to grow rapidly [10].