EV startup WM targets sales of 100,000 in 2019

Automotive News China

Automotive News | 2018-10-2

WM Motor, a Shanghai electric vehicle startup, seeks to achieve annual sales of 100,000 after beginning to deliver its first product to customers last week.

Our target is to deliver 10,000 by the end of this year and 100,000 next year, CEO Freeman Shen said at a ceremony held Friday at WMs assembly plant in Wenzhou in east Chinas Zhejiang province for the delivery of the EX6 electric compact crossover.

The WM EX6 is 4,585 mm long, 1,835 mm wide and 1,672 mm tall, with a wheelbase of 2,703 mm. 

It offers three variants each with a different range: 300 kilometers, 400 kilometers and 460 kilometers. 

The three variants have a respective starting price of 186,550 yuan ($27,150) to 247,300 yuan before government subsidies. The longer the range, the higher the price. 

WMs next product, the EX6 electric coupe, will arrive in the market in 2019, Shen said at the ceremony. 

Shen, Volvo Car Corp.s former China president, incorporated WM Motor in 2016 with investors including Chinese tech giants Baidu and Tencent as well as U.S. trading firm Susquehanna International Group.

Its Wenzhou plant can produce up to 100,000 vehicles a year at full capacity.  

WM is one of the dozens of EV startups that have sprouted across China in the past few years. 

Nio, a company created in Shanghai in 2014 became the first listed Chinese EV startup last month. It launched an IPO on the New York Stock Exchange on September 12. 

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