Chinese EV-Maker WM Motor Seeks Bankruptcy Restructuring as Financial Woes Mount

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WM Motor said Tuesday that it was suffering 'short-term operating difficulties' due to factors including the sluggish capital market, sharp fluctuations in raw material prices and setbacks in getting funding. Photo: Bloomberg

(Bloomberg) — 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.