Chinese electric vehicle startup WM Motor has filed for bankruptcy, marking the demise of a promising standout among China's EV makers as price competition in the world's largest auto market heats up.
A court in Shanghai is handling the bankruptcy case, according to a filing dated Monday on the national enterprise bankruptcy information disclosure platform.
The carmaker said it has been mired in an operational dilemma in recent years due to the pandemic's impact, capital market sluggishness, large price swings in raw materials and setbacks in gaining capital needed for operations and development.
