How much longer can it hold up? WM Motor is being forced to execute, with a total amount of 1084 million yuan

WM Motor forced to execute with 1084 million yuan How long can it hold up?

【PhoneAuto News】Currently, new energy vehicles are rampant in the market, and many people want to get a share of the pie. However, this track is not as easy as imagined, so many new car manufacturers are heading towards the “cliff edge”.

Recently, according to PhoneAuto, the Tianyancha App showed that WM Motor Technology Group Co., Ltd. and its subsidiary WM Motor Technology (Sichuan) Co., Ltd. added three new executed person information, with a total execution target of 10.84 million yuan, and the execution court was the Anzhou District People’s Court in Mianyang City.

WM Motor

• European car companies increase investment in China, reaching 62 billion euros, but experts are not optimistic
• Book now for only 99 yuan! Wei brand’s new model, the Mocha DHT-PHEV, officially begins pre-sale
• New Volkswagen Touareg teaser image officially released, will be equipped with a 30T V6 hybrid system

It is understood that WM Motor Technology Group Co., Ltd. was established in May 2012, with SHEN HUI as its legal representative and a registered capital of 6 billion yuan, indirectly holding all the shares of WM Wisdom Travel Technology (Shanghai) Co., Ltd.

According to previous reports, the Consumer Protection Committee of Qingpu District has received complaints from nearly 90 consumers about WM Motor, reflecting that the company’s operations are abnormal, stores are closed, unable to provide car parts, after-sales service is stagnant, and there is a shortage of human customer service, etc., which has caused damage to their consumer rights and interests as they are unable to maintain their WM Motor vehicles, unable to repair the vehicle in a timely manner when it malfunctions, unable to fulfill the signed battery replacement agreement, and the customer service hotline is always busy and unable to get through.

Related news

However, WM Motor is currently avoiding consumer rights protection and the mediation work of the Consumer Protection Committee, passively responding without providing any substantive solutions to resolve consumer complaints.

Previously, PhoneAuto noticed that WM Motor had a series of problems such as factory shutdowns, salary reductions, layoffs, and overdue payments to suppliers, and the company’s development situation was not optimistic. In November 2022, WM Motor leaked an internal memo revealing that in order to ease financial pressure, the company’s management took the lead in cutting salaries by 50%, and ordinary employees’ salaries were reduced by 30%, and 14-month year-end bonuses were suspended. This once again drew attention to WM Motor’s situation. On January 12th of this year, WM Motor’s founder and CEO, Shen Hui, even used the phrase “to survive, to survive like livestock” to describe WM’s predicament on Weibo.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!