Once a leading enterprise in the new energy vehicle industry with the same name as "Wei Xiaoli", WM Motor was once the favorite of countless people, but now that the tide has receded, this rising star has ushered in a turning point in its fate.
On March 29, the Shanghai No. 3 Intermediate People's Court held the first creditors' meeting of WM Motor, which was not only an ordinary meeting, but also a turning point in the fate of WM Motor. According to the disclosed materials of the reorganization case, the liabilities of WM Technology Group are as high as 20.367 billion yuan, while its total book assets are only 3.988 billion yuan, and the current situation of insolvency is shocking.
The embarrassing financial situation has not only pushed WM Motor to the forefront, but also touched the hearts of hundreds of partners and thousands of employees: in addition to arrears of more than 40 million yuan in salaries, compensation and benefits to employees, WM Motor also owes 1.734 billion yuan to partners in supply chain, marketing services, sales and other services.
It is reported that among these partners, there are many well-known enterprises such as iFLYTEK, Special Call, and BYD. At present, WM Motor's restructuring case shows that 4 potential strategic investors and 5 mutual benefit bond investors have passed the qualification examination, and investor negotiations are underway.
Unlike Evergrande's Xu Jiayin, who was "imprisoned", WM Motor's founder Shen Hui, an industry veteran who held key positions in Geely Holding Group and Volvo Cars, is now a mystery. It is rumored in the industry that Shen Hui has gone overseas, and his family has already immigrated to the United States to be with Jia Yueting.
In the face of rumors, although WM Motor denied Shen Hui's statement that he "ran overseas", and said that Shen Hui's recent work focus is mainly on overseas matters, Shen Hui has not made a public appearance in China so far, and there is no public report that he has returned to China or intends to return to China. Obviously, the cat behind it knows everything, and the previous one who played this game of "hide and seek" was the real estate Pan.
Shen Hui can pretend that nothing happened, but the majority of car owners cannot. For example, the mobile phone APP is unstable, unable to download, and the after-sales service is "unfinished", all of which make car owners worried. Some car owners even said that they had to remind themselves to carry a mechanical key at all times, because the "WM Zhixing" APP often fails to log in or shows no network.
To make matters worse, some owners have to remove the bumper from other vehicles because they don't have access to original parts. To a certain extent, WM Motor's financial crisis and after-sales service problems have undoubtedly sounded the alarm for the new energy vehicle industry.
As we all know, after three years of "Nirvana", mainland new energy vehicles have become another national new business card. In 2023 alone, the number of cars exported by the mainland will exceed 5.2 million, surpassing Japan for the first time in history and becoming the world's number one. The new energy vehicles represented by BYD have played a pivotal role in it.
The explosion of WM Motor has undoubtedly reminded us that only sound operation and continuous technological innovation can gain a foothold in the fiercely competitive market. In fact, the first to break through by technology was the national enterprise BYD, which even beat Tesla earlier and topped the world's sales crown.
When Tesla was on the verge of collapse, Musk chewed the glass and stared into the abyss, but fortunately, the critical moment in Chinese mainland "sent charcoal in the snow" brought Tesla back to life. Since then, Musk has always been concerned about the Chinese market, which can be described as "success in the Chinese market, defeat in the Chinese market".
For Shen Hui, how WM Motor makes good use of the Chinese market and replicates Tesla's take-off path will become extremely crucial for the former. As for whether WM Motor can "copy the right homework" and achieve Phoenix Nirvana, we will wait and see.