Transportation & Logistics

Chinese EV Startup WM Motor Files To Go Public In Hong Kong 

Illustration of electric car plugged into an outlet.

Chinese electric vehicle company WM Motor filed to go public on the Hong Kong Stock Exchange, becoming the latest EV company to set its sights on the public markets.

The company, which was founded in 2015, raised money from investors including Baidu Capital and Tencent. It most recently raised a $152 million Series D led by Agile Group Holdings in November 2021, according to Crunchbase data.

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“We target China’s young and tech-savvy users, particularly families, and given this focus, our vehicle designs pay particular attention to rear seat comfort and safety, as well as smart user experience,” the company wrote in the filing.

Electric vehicle market

After WM launches its M7 in the second half of this year, the company expects to have a total of five models, according to the filing.

In its filing to go public, WM said its EV sales volume more than doubled between 2020 and 2021. But while sales and revenue more than doubled, so did its losses over the past three years.

WM’s filing comes as the public markets in the United States, where EV companies like Rivian and EVgo have gone public, remain quiet. Russia’s invasion of Ukraine, rising interest rates and inflation have all contributed to companies putting their IPO plans on pause.

There was a slew of EV and EV-related companies that went public last year in the U.S. Several, including Lucid Motors and Proterra, went public through mergers with SPACs. And perhaps the most notable EV public debut of last year was of electric truck maker Rivian. It was also the largest IPO of the year.

WM, which is based in Shanghai, follows other Chinese EV companies that have gone public including Nio and Xpeng. The timeline for WM’s IPO and pricing information is unclear.

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Illustration: Dom Guzman

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