Hyperdrive
EV Maker WM Motor Strives to Rescue Business as Pressures Mount
- Court filing comes a month after Apollo Future pulled takeover
- WM Motors’ sales cratered this year amid fierce competition
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Chinese electric-vehicle maker WM Motor said a Shanghai court has accepted a so-called pre-restructuring application by the company, which is mired in financial difficulty and collapsing sales.
In a statement Tuesday, WM Motor said it will adjust corporate strategy and keep communicating with relevant parties to resolve its financial and debt problems. On Monday, WM Motor was mentioned in a notice on China’s national enterprise bankruptcy information disclosure platform.