EV Startup WM Motor Mulls Job and Pay Cuts Amid Financial Woes

Chinese electric-vehicle startup WM Motor Holdings Ltd. is mulling job and salary cuts as the company struggles with a welter of bad news including slow sales and fundraising hurdles, Caixin learned.

Founded in 2015 by Freeman Shen, a former executive of Geely Auto Group and a former chairman of Geely unit Volvo's China operations, WM was once viewed as a promising EV startup. It went into business around the same time as domestic rivals Nio Inc., Xpeng Inc. and Li Auto Inc., all of which are publicly traded in the U.S. and Hong Kong with annual sales of around 100,000 vehicles each. WM sold about 28,000 vehicles in the first nine months this year.