WM Motor today hinted it will soon announce new developments regarding its restart.
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Category: WM Motor
The new WM Motor aims to produce and sell 10,000 to 20,000 vehicles this year, with projected revenue of RMB 1 billion ($140 million) to RMB 2 billion.
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WM Motor has denied reports that its founder Freeman Shen has fled to the US, leaving behind nearly RMB 40 billion in investments and debts.
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WM Motor still has commercial value and some of its creditors are willing to reorganize, it said.
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Following the collapse of its Hong Kong backdoor listing, WM Motor is pinning its hopes on a potential merger with the US-listed Kaixin Auto.
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Kaixin Auto has signed a non-binding letter of intent to acquire 100 percent of WM Motor from its shareholders by issuing a certain number of new shares.
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WM Motor said earlier this month that it is in the process of settling its debts in an orderly manner and is actively pushing ahead with plans to sell NEVs overseas.
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WM Motor will have more than 100 dealership stores in China gradually return to regular service, the company said.
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