(Yicai) Sept. 8 -- Troubled Chinese new energy vehicle startup WM Motor announced it will resume production this month, aiming to make and sell 10,000 cars this year.

WM Motor will resume production of its E5 and EX5 electric vehicle models at its factory in Wenzhou, Zhejiang province, this month, ensuring it will sell 10,000 units this year, possibly overachieving to reach 20,000 units, according to the 2025-2030 business development plan the carmaker unveiled on Sept. 6.

Xiangfei Automobile Sales officially took over WM Motor after its restructuring plan was approved by the court on April 3, WM Motor noted.

WM Motor intends to build a knock-down plant in Thailand to explore the Southeast Asian and Middle Eastern markets and achieve a production target of 100,000 units next year.

From 2027 to 2028, WM Motor expects to achieve sales of between 250,000 and 400,000 units and initiate preparations for an initial public offering. By 2030, it aims to reach a production target of one million units, with projected revenue of CNY120 billion (USD16.8 billion).

In terms of product planning, WM Motor will focus on developing pure electric and extended-range vehicles. Over the next five years, it expects to launch more than 10 models, including revamped versions of the E5 and EX5, as well as new sedans, sport utility vehicles, and multi-purpose vehicles.

Founded in 2015, WM Motor has raised over CNY41 billion (USD5.7 billion). But news about the company cutting salaries, laying off staff, and accumulating large debts started circulating in the second half of 2022. About one year later, it initiated a bankruptcy restructuring process.

Xiangfei Auto was founded in 2023 and has a registered capital of CNY100 million (USD13.9 million). Its legal representative, Huang Jing, is the actual controller of Baoneng Motor Group, the carmaking arm of Chinese real estate and financial conglomerate Baoneng Investment Group, and his associated parties hold stakes in Baoneng Motor’s affiliate firms.

Baoneng Motor was listed as a dishonest debtor 12 times, with the total amount involved exceeding CNY36.2 million (USD5.1 million), according to corporate information platform Tianyancha. 

Editor: Futura Costaglione