Bloomberg
- Demise comes weeks after Apollo Future pulled takeover bid
- WM Motors’ sales cratered this year amid fierce competition
Ailing Chinese electric vehicle maker has filed for bankruptcy in a Shanghai court, according to a notice published Tuesday on China’s national enterprise bankruptcy information disclosure platform.
The startup’s struggle reflects the boom and bust cycle seen among smaller players grappling to compete amid an explosion of competition, with the likes of and Geely Automotive Holdings Ltd. emerging as the dominant auto brands in China.
Hong Kong-listed walked away from a deal to buy WM for $2.02 billion in September. It cited uncertainty in financial market sentiment among other factors for the breakup.