Ex-Geely/Volvo Exec Raises $1 Billion To Establish EV Start-Up WM Motor

OCT 27 2016 BY MARK KANE 10

Geely Emgrand Cross PHEV Concept

Geely Emgrand Cross PHEV Concept

Chinese start-up WM Motor has raised $1 billion dollars with a goal to become another major  plug-in electric car maker in China…and of course, maybe even challenge Tesla.  At this point, we will just assume mentioning competing with Tesla is some sort of prerequisite for building EVs in China.

Geely Logo

Geely Logo

Anyway, the company was founded last year by Freeman Shen, who left Zhejiang Geely in 2014, and was a top executive behind the acquisition of Volvo.

WM Motor is developing two platforms for mass market vehicles and expects introduction in 2018.

The company has plans to build 100,000 vehicles annually within 3 years of production launch:

“We have profound experience in the industry, which distinguishes us from other startup companies, even Tesla,”

Shen, who’s worked in the auto industry for 22 years, said in an interview in Shanghai. “We don’t want to make toy-like luxury cars for the minority. We will target the mass market.”

Shen said that WM is applying for a production license this year, and will set up a factory in eastern China.

Tidbit of interest:  Like many Chinese EV makers, the company name usually has some meaning.  In this case “WM” is in reference tot he German word “weltmeister” – meaning global champion.

source: Bloomberg

Categories: China

Tags:

Leave a Reply

10 Comments on "Ex-Geely/Volvo Exec Raises $1 Billion To Establish EV Start-Up WM Motor"

newest oldest most voted

Weltmeister = World Champion. Not “Global champion”.

Any ideas why a Chinese company with CEO with a Swedish history is using a German company name?

Because some of the Chinese auto companies try to appear as a western company (generaly European) instead of Chinese since the Chinese cars are assumed to have lower quality although the quality gap is being closed rapidly…
http://www.forbes.com/sites/michaeldunne/2016/07/25/why-chinese-love-buicks-and-jeeps-but-are-dissing-chevrolets-and-chryslers/#3eb6f5411ae5

Some exaples where they bought the rights to dead brands are MG, Roewe, and Borgward…
They are actualy resuracting Borgward as a plug in hybrid German brand per say with German designers and will even have production there in a couple of years…

I have too often noted that the Chinese have a hard time when translating languages…

Would you mind repeating that in perfect Cantonese?

Because the German cars are the best in the world

That’s a laugh. While i3 is laudable, SparkEV is from US company (made in Korea), and Tesla is US company and made in US.

Mercedez sits mid way on J.D. Powers reliability scale. Really poor for a high priced luxury car.

Wut?

In story, “assume mentioning” should be “assume”